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Brent set for first weekly gain since mid-April

The global oil benchmark is on course to post a weekly advance of over 3%, ending a run of four straight weekly declines.

Oil prices have enjoyed a risk-on lift this week from optimism that the US will indeed avoid a default.

However, oil bulls still have much to do to restore Brent back to the $80-$90/bbl range.

Prices must first overcome last week’s high at $77.49 before the 50-day simple moving average (SMA) lies in wait to potentially offer stronger resistance.

Brent set for first weekly gain since mid-April

Oil’s upside is likely to be capped until markets can put to bed the angst surrounding the looming recession, especially if the Chinese economy can offer evidence of a broader and more resilient recovery.

A re-emergence of demand-side fears could invite bears to target the following lower levels:

  • $73.33
  • $71.36
  • $70.07



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