Brent Oil Rally May Stall Near $118 a Barrel: Technical Analysis
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Brent crude, which gained the most in five months in January, may slow its advance in London as prices reach technical resistance starting at $118 a barrel, according to Societe Generale SA.
The North Sea oil, a benchmark grade for more than half the world’s crude, is approaching a downward-sloping trend line that halted rallies in 2011 and 2012, the bank said in its first-quarter outlook. Beyond that resistance level, further price increases may stall around $127, along the top of a range within which futures have traded since mid-2010.