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Oil May Fall to $80 After ‘Reversal Warnings,’ Petromatrix Says

Crude oil prices are showing signs they may a decline to as low as $80 a barrel, according to consultants Petromatrix GmbH.

Oil’s failure to close above a resistance level at $92 a barrel in New York yesterday, and a “shooting star” pattern formed the previous day are “bearish reversal warnings,” the Zug, Switzerland-based firm said in a report today.