Brent Oil Outlook: Oil prices fell after President Trump criticized OPEC for high prices
|BRENT CRUDE OIL
Brent oil fell over $1 on Thursday after US President Trump criticized high oil prices and urged OPEC to lower them. Oil prices moved lower in immediate reaction to Trump's tweet, in which he linked American support to the countries in the Middle east to oil prices. Bulls were dented again after rallying on recent comments from Saudi Arabia regarding higher oil prices and were additionally boosted by strong fall in US crude stocks. The latest news pushed prices lower, raising a question mark over expected renewed attack at psychological $80 barrier which was cracked last week on short-lived tick to $80.10. Daily techs continues to lose bullish momentum which could add pressure on bulls and risk deeper pullback. Rising 10SMA offers initial support at $78.49, loss of which would further weaken near-term structure and risk dip towards pivotal rising 20SMA support ($77.78). Sustained break here would put bulls on hold and open way for stronger correction of $70.29/$80.10 ascend. Bullish scenario sees limited dips ahead of fresh push higher, with sustained break above $80.00/48 pivots needed to signal bullish continuation.
Res: 79.80; 80.10; 80.48; 81.00
Sup: 78.50; 77.78; 77.36; 76.35
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