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Brent has a look at technical levels near $82

Yesterday an update here highlighted a level of potential support in the price of Brent crude for July delivery at $81.95. That was the price point of the 200 day moving average and it has come very much on the radar just now today. Brent has fallen back further and no doubt helped by the higher than expected build in US private inventories last night. There is more data in that respect due later today from the US EIA (Energy Information Agency), at 2.30pm GMT. The markets expect a draw on stocks of around 1.43 million barrels, compared to an unexpected build last time of 7.26 million barrels. If that shows another build following the data seen last night, then we can understand why the oil price is slipping back again this morning. Brent for July delivery came close to the $82 per barrel handle a short while ago. The low was set at $82.06. It is just now trading at $82.20
 

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