Brent Oil set to race higher towards the $76.38/77.84 zone – Credit Suisse

Brent Crude Oil is rising sharply after finding support at its key rising 200-day moving average (DMA) at $63.81. Strategists at Credit Suisse now expect the black gold to surpass the $72.64 mark.

Brent Oil finds a floor at its crucial long-term 200-DMA at $63.81

“Brent Crude Oil has fallen to test and successfully hold key 200-DMA support at $63.81 and our bias remains for this to stay a solid floor.” “Above $72.64 is needed to add weight to our view to ease the pressure off the 200-DMA for a recovery back to the top of the range at $76.38/77.84.”

“Below the 200-DMA and then May/August lows at $64.60/57 would warn of a significant medium-term top.”