Brent Crude – Chinese data and resumed Libyan output weigh on oil

<p><a href="https://api.addthis.com/oexchange/0.8/forward/facebook/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fcommodities%2Fbrent-crude-chinese-data-and-resumed-libyan-output-weigh-on-oil%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/facebook.png" border="0" alt="Facebook" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/twitter/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fcommodities%2Fbrent-crude-chinese-data-and-resumed-libyan-output-weigh-on-oil%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/twitter.png" border="0" alt="Twitter" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/email/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Fcommodities%2Fbrent-crude-chinese-data-and-resumed-libyan-output-weigh-on-oil%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/email.png" border="0" alt="Email" /></a></p><ul>
<li><strong>Chinese growth underwhelms</strong></li>
<li><strong>Libya resumes production after brief outage</strong></li>
<li><strong>Key technical support levels still below</strong></li>
</ul>
<p>Oil prices pulled back from last week&#8217;s highs today, weighed down by the weaker Chinese figures and reports of some Libyan outages being restored.</p>
<p>The numbers from the world&#8217;s second-largest economy are almost certainly the bigger factor here especially against the backdrop of sluggish growth around the globe.</p>
<p><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/m1VksF3D-NU" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
<p><strong>Is the recovery already over?</strong></p>
<p>It&#8217;s interesting that Brent rebounded around $78, where the price repeatedly ran into resistance in May and June. It also falls around the 100-day SMA which could be viewed as a bullish signal, despite the early week setback.</p>
<p><strong>Brent Crude Daily</strong></p>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-17_21-19-52.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-806426" src="https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-17_21-19-52-1024×441.png" alt="" width="619" height="267" srcset="https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-17_21-19-52-1024×441.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-17_21-19-52-300×129.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-17_21-19-52-768×331.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-17_21-19-52-1536×662.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-17_21-19-52.png 1793w" sizes="(max-width: 619px) 100vw, 619px" /></a></p>
<p>Source &#8211; OANDA on Trading View</p>
<p>If it can hold above this level, even a little lower, say $77, it could be viewed as a breakout confirmation move which in theory is a bullish signal.</p>
<p>That&#8217;s not to say a move below here would be a bearish move; it could prove to be of course but there are other potential support levels below.</p>
<p>The 61.8% Fibonacci retracement for example collides with the channel top and the 55-day simple moving average. A move below this could signal things have turned bearish once more.</p>