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The Brent oil price rose 2% overnight to $49.24. In the context of wider market hysteria this was pretty disappointing and the chart technicals are quite unresolved:
The symmetrical triangle around $48 is showing a confused market and could go either way in the short term as the three forces of oversupply and its shakeout, fading growth and Fed delays fight it out.
The news flow was also confused with Russia set to meet OPEC, from CNBC:
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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.
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