Brent oil resumes downtrend towards $95.63
Brent oil has resumed a downtrend towards its June 4 low of $95.63 as indicated by its wave pattern and a Fibonacci retracement analysis.
Brent crude held steady near $91 per barrel on Tuesday as short-covering and forecasts of a drop in US crude inventories offset worries that a European summit would be unable to produce a concrete solution to the region's debt crisis.