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UKOIL Tests Key Supply Zone

Brent crude rallies back on expectations of falling global inventories.

The previous sell-off has found support on the 30-day moving average (73.00). The recovery is making an attempt at 76.50, former support that has turned into a supply zone.

A bullish breakout would signal that the bulls are back in the game. Then lifting the peak at 77.80 to resume the uptrend would be a formality.

In the meantime, a near-overbought RSI may cause some choppiness, and 74.90 would be the first support in case of a pullback.

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