Advertisement
The Brent oil price was hammered last night more than 3% to $46.51. The technicals don’t look great:
That’s basically a bunch of new bearish descending triangles though the big downtrend line is still broken. Any break below the $46.30 level and we’re going to the lows.
The cause was ostensibly the US inventory build indicated by the private API data which was large:
Advertisement
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
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.
Advertisement