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Brent Crude at June 2012 levels.

FXStreet (Mumbai) - Brent Crude has slumped to a level last see in June 2012 with the energy stocks and funds getting hammered across the board. Prices fell below USD 90/barrel levels yesterday for the first time since June 2012. The November futures are trading lower by 0.93% at USD 89.21/Oz.

The SPDR Energy Select Sector Fund is trading down 3.8% to trade at its lowest in 7-months. Meanwhile, the Vanguard energy ETF has lost 3.81%. The Energy giants – Exxonmobil and Chevron –are down by more than 2%.

The bearish fundamentals of weak global growth, reduced demand and excess supply remain in place. However, bargain hunters may date to come-in at the current level of USD 89.05/USD. A technical bounce back cannot be ruled out, although, the weakness in equity markets shall cap gains in Crude.

Brent Crude Technical levels

Brent Crude has a strong support of 88.49 (low in June, 2012), while the immediate resistance is located at 90.00 levels. Prices may test 91.55 levels if the resistance of 90.00 is taken out.

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