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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.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.