Brent Crude Consolidation Above 200 Day SMA


Brent Crude November contract dropped 0.77 cents to $113.85 a barrel. The current contract is due for rollover tomorrow. More liquid December delivery contract was also down.

The price action is still comfortably trading above significant support of 200 Day SMA. Current support on the downside is located at $112.79 followed by $112.10 and $111.72. Alternatively resistance on the upside is located at $114.95 followed by $117.95.

The spread between Brent , European Benchmark for crude and West Texas Intermediate Crude currently stands at $23.12.

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