European Oil to Fail at $80 on Trend-Line: Technical Analysis
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Crude oil is unlikely to advance much more in London as prices fail at a four-month trend-line at $79.25 to $80.26 a barrel, according to technical analysis by Commerzbank AG.
Brent oil futures on the ICE Futures Europe exchange traded up 81 cents at $79.29 a barrel as of 11:46 a.m. local time, having advanced nearly 4 percent this month on hopes that the global economic revival will stimulate fuel demand. The commodity is likely to falter at current levels, blocked by a resistance line that has bound prices since May, according to the bank.