Brent crude oil price slips further still
The Brent crude oil price continues its descent, now trading below its 55-day simple moving average (SMA) at $74.89 per barrel.
A fall through Tuesday’s low at $73.99 would open the way for the $73.00 region to be reached.
Minor resistance above the 55-day SMA at $74.89 can be spotted at the 9 January low at $75.43.
While trading below the next higher early February high at $77.05, the recent downtrend remains intact.
Brent crude oil daily chart