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Brent oil price trading around $80 mark, looking higher
Published on November 19, 2009 by oilprices · No CommentsICE Brent crude oil futures are currently trading around the $80 a barrel mark on Thursday and the price is looking higher as the US dollar slipped and US industry data showed inventories in the world’s largest energy consumer dropped 4.4 million barrels last week.
Clive Lambert, technical analyst at FuturesTechs, said if Brent could hold above $79.16 on Wednesday and push on through resistance around $80, the range trade of the last month could be broken.
“Is this the start of the breakout trade that’s going to take us through $80.26 and $81.00 and take us to the next big area of resistance up around the $90 area?
“To be precise, $88.90 and $91.85 are the levels we’d be gunning for if this upside break is the real deal. A move back through $79.16 puts us back in the contraction/consolidation zone.”
Brent oil price support is currently seen at $79.16 then $76.63, resistance at $80.00 then $81.00, hence the trading price for Brent crude oil is looking higher in the short term.