- Brent retreats
Market news
4 May 2011
Brent retreats
ICE Brent holds down $1.27 at $121.18 per barrel, after trading in a $120.88 to $123.06 range. For Brent, the $119/$120 zone will be key, with the front contract bottoming at $119.03 April 19 before bouncing higher, and the prior 2011 peak from February 24 coming in at $119.79.
Barclays Capital says as long as support at $119 holds, "the overall focus is higher through $127 toward our initial $130 target."
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