Quotes from Rabobank:
-We deem it too early to say with any conviction that the near-term base in Brent oil prices has been reached with the current phase of price action displaying consolidation around the USD 60 handle. The intraday low of USD 58.40 seen on the December 16th was the lowest price seen since 19th May 2009 butthere is room for further downside.
-From a technical perspective, there is a longterm bullish trend line dating back to 1998 that has held price action well since that juncture with failed tests of this support in 1999, 2001, 2002 and 2008. This trendline currently stands at around USD 53 and we expect this to hold in the event of another phase of selling.
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