Brent oil accelerated strongly higher on Tuesday, bringing psychological $80 barrier in focus again (after last week’s attempt stalled at $80.10) after Saudi Arabia agreed with short-term price rise and said they are comfortable with Brent price above $80. The global oil markets remains tight, with looming US sanctions on Iran (due to go into effect on 4 November, with Iran’s crude exports already falling) maintaining concerns about supply. Bullishly aligned daily techs are still lacking momentum which could cause another failure at $80 zone, despite supportive fundamentals, as plethora of strong barriers above $80 ... (full story)