Brent crude has been trapped between a multiyear trendline drawn from its 2012 low and its 21-day moving average. The trendline Wednesday is at $27.58 and the 21-day moving average is at $32.37; Brent was recently at $31.40. Since falling below its 21-day moving average in November, rallies have been repeatedly curbed at that level. What to watch next: The U.S. Department of Energy’s crude inventory data is due at 10:30 a.m. EDT.

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