The Brent oil price fell again last night, another percent to $47.48 as I write. This is an important technical support level given it is the major support line for the January low:
The chart remains very bearish with a medium term and short term descending triangle in place. Having said that, markets are still heavily short, from John Kemp:
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It’ll take big news to push them even shorter, that could perhaps be more of the economic variety.