Brent Crude Slump Seen Stalling Near $80 as Oil Oversold
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Brent crude prices that slumped to an almost four-year low are nearing a level of about $80 a barrel that should stem the slide, according to Commerzbank AG.
Brent fell to $83.37 on the ICE Futures Europe exchange in London today, the lowest since November 2010. Prices should be supported in the $82.86-to-$82.43 area that consists of highs made in January 2010 and August 2010 and that year’s November low, analyst Axel Rudolph said. Drops below there are likely to hold near the “psychological” level of $80, he said.