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Brent Crude Oil in bears’ grip

Brent Crude prices have slid 21% from the peak of USD 115.67/barrel hit in June. The 21% fall meets the definition of a bear market. Brent prices have recovered 0.31% today to trade at USD 91.64/barrel.

The slight recovery witnessed today may be due to a risk in risk appetite triggered by the dovish Federal Reserve (Fed) minutes released yesterday. The supply from the Oil and Petroleum Exporting Countries (OPEC) group increased last month while Russian output hit the post –Soviet record. “There is a lot of concern in the marketplace regarding the supply-demand situation,” said Paul Crovo, a Philadelphia-based oil analyst at PNC Capital Advisors.

Furthermore, prominent Energy agencies across the globe have reduced their demand forecasts for the current year and the next year. "Brent crude could drop to $80 a barrel before triggering a slowdown in investment from U.S. shale-oil drillers", Fitch Ratings said in a report yesterday.

Brent Crude Technical levels

Brent Crude has a strong support of 90.55 (yesterday’s low), while the resistance is located at 91.91; breach of which shall open doors for 92.95 (high of 7th Oct, 2014)

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