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Brent erring on the downside so far today

Yesterday Oil prices extended their gains after the release of the US CPI report. That saw the price of Brent crude for August delivery rise to a high at $83.34. However, it was not able to hold that gain and duly fell sharply back into the 4pm London FX fix. Brent dropped to a low at $81.99 just after that event. It did later rebound into and after the European close and later settled $0.68 higher on the NYMEX exchange, at $82.60. It has been edging lower during the Asian session today though and that has delivered a low so far at $82.16. The high seen so far today has been set at $82.47. The nearest support and resistance levels right now are at $81.56 (200 day moving average) and beyond the high seen yesterday, at $83.83 (50 day moving average). Brent for August delivery is currently trading at $82.28 

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