Brent oil could rise to $80.13 – Reuters News

Brent oil is solidly bid near the 3.5-year high of $79.45 and looks set to scale the $80.00 mark, according to Reuters technical analysis note.

Wang Tao, Reuters market analyst for commodities and energy technicals, sees scope for a rally to $80.13 as the resistance at $79.24 has been breached.

“On the daily chart, the bearish divergence on the RSI simply became invalid without causing a deep correction. Such exceptions have been observed when the uptrend is very strong”, Tao adds.

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