Brent Oil: A break below the September low at $84.06 would be a bearish sign – MUFG

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Brent oil fell 3.4% on Wednesday. A break below the September low of $84.06 would intensify the bearish pressure, MUFG Bank strategists report.

Lower oil prices alleviate the negative impact of the terms of trade on the euro, pound and yen

“Weak growth is a possible factor, but also, Speculation of a Saudi-led push for increased production could continue to weigh on oil prices“.

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“Lower crude oil prices and still low natural gas prices considerably alleviate the negative impact of the terms of trade on the euro, pound and Japanese yen.”

A close for Brent below the September low of $84.06 would be a technically bearish sign.“.

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Source: Fx Street

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