Oil has had a strong rally for many months.
Recently we saw Brent dip to $65 before rallying back up beyond $80.
But it seems Oil might be running out of steam from a technical point of view. Whilst the fundamentals remain pretty strong for Oil, I think the market is quite sensitive to any changes in Oil output, whether that be new oil from Iran, or interference from Russia, or OPEC deciding to make changes.
It appears we could see Brent Crude Oil back down to around $65 or near about pretty soon. My longer term outlook on oil is quite bleak.
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