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Brent falling closer to trend line support as stocks continue to wilt
Since the last update here on the stock markets, the losses have now deepened again in Europe and that has seen the DAX fall towards 19,650. At the same time the Nasdaq 100 futures have fallen below 20,800 a short while ago and these deteriorating risk conditions are weighing on Oil prices. Hence, Brent for February delivery has very close to $72 per barrel now today. Brent already suffered some downside yesterday and resulted in a $0.51 lower close on the NYMEX last night, at $72.88. The price action this morning is pushing Brent closer to a quite important technical support level. This is a trend line support rising from a series of previous higher lows and it is in place right now at $71.35. So, as you can see, it is not under threat right now, but surely potentially on the radar. Brent is currently trading at $72.18
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