Brent crude balks at $85- check out the fall towards $82 since

Last week many oil market analysts and commentators were eyeing a move to test $85 per barrel in Brent crude and with the price nudging $84.50 on Friday, that prospect looked live. Well, the relapse in the price that followed sure took it off the table ahead of the weekend. Brent for July delivery fell back steeply and later settled $1.09 lower on the NYMEX exchange, at $82.79. It has traded lower than that earlier today. The session low seen was set at $82.26. That is close to the current 200 day moving average (at exactly $82.00). That moving average has successfully capped the downside since the beginning of February. The further fall earlier today also got close to the current 100 day moving average (now at 82.16). So, as you can see that makes prices around $82 an important support zone. Brent for July delivery is currently trading at $82.43