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Brent crude hits technical resistance level

Yesterday updates here noted the important technical level on Brent crude oil. That was in place at around $87.75 and represented a channel topside rising trend line. Well, it was tested yesterday and it capped the topside too. Brent for May delivery reached $87.70 ahead of the daily NYMEX settlement. It later backed off into that settlement, where it fixed $0.49 higher, at $87.38. So far today oil prices have edged a little lower and that has seen Brent drop back to test the $87 handle. The range seen so far has been covered by $87.02 to $87.35. Owing to the shifting chart dynamic, that trend line resistance is now at $87.90 today. Brent for May delivery is currently trading at $87.02
 

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