And so we are through support. On Friday night Brent oil broke closing support as it settled at $48.54:
A couple of lousy intra-day lows is all that stands between us and free fall. It appears we’re going $40 in an overshoot.
Oil fell all night but was not helped by the release of the US rig count which continued to recover up 6 to 670 for oil and up 10 to 884 overall:
Advertisement