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Brent crude steadies above $80 as market eyes key resistance levels
Brent crude oil is currently trading at $80.09 per barrel on the 1-hour chart, hovering just above its 50-hour moving average of $79.07 and its 100-hour moving average of $79.68. The price action shows Brent consolidating within a range, with key resistance at $83 and support near $76. The recent rebound from the $76 level suggests a potential shift in momentum, as the market attempts to push higher amid ongoing volatility.
The near-term outlook for Brent crude will likely hinge on upcoming economic data and geopolitical developments, particularly any news that could impact global supply and demand dynamics. Traders should watch for a break above the $82 resistance to confirm a more sustained upward move, while a failure to hold above $79 could signal another test of the $76 support.
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