SINGAPORE: Brent oil may break a resistance at $80.40 per barrel and rise into a range of $81.41 to $82.10.

The consolidation over the past few days has prepared bulls with enough momentum to overcome this barrier and rise more.

A break not only leads to again into the target zone, but also confirms an extension of an upward wave (c) from $69.24, towards $84.45.

Oil heads for biggest annual gain since at least 2016

Support is at $79.59, a break below which could open the way towards $77.77-$78.78 range.

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