Oil (Brent): drops below $113.3, $107 in sight

( – After a brief test of $120 following this ‘confidence’ from Macron to Biden at the ‘G7’ affirming that neither Arabia nor the Emirates could open the tap wider (the barrel had jumped from +5%), the barrel of Brent fell back to below $109 during the session and ended around $111.
This does not change anything, the medium-term oblique support at $113.3 is clearly broken and if it were followed by a slide below $107, the next support would only appear around 102.2E (support on 04/26 and 05/10 ) then $99/98.5 (low on March 15 and 24, then April 25 intraday).

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