Oil prices eyeing global stock market falls- check out Brent crude this morning

Yesterday the second attempt to break below the noted 200 day moving average support in Brent crude did deliver a deeper move to the downside, as reported on here at the time. That saw Brent for September delivery fall to $80.54. However, it did rebound into the European close to back above that 200 day moving average, but it could not hold the rebound into the NYMEX settlement. Brent settled $1.39 lower on that exchange, at $81.01 and either way you cut it, that was not a positive close. The price action since has been rather inconclusive from the technical perspective. Later yesterday evening ahead of the after hours US Q2 earnings reports Brent lifted back above $81.60, but since then it has been tracking lower again and dropped back to test the $81 handle during the Asian session. The price action is clearly being dented again by the losses across the global equity markets right now. At the same time, notwithstanding that, the price near $80 looks relatively cheap by recent standards. The question as to whether or not that is cheap enough is a different matter though. Brent for September delivery is currently trading around that 200 day moving average right now this morning.