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Today’s look at Brent and WTI

Brent

Oil prices have been moving lower all week from their gap up on Friday, and now find themselves resting above key support at $54. A move below here would target $52.55 and then $51.14. Bulls would want to see the price head back above $55, which would open the way to another test of $57.

WTI

The push below $52 suggests that we are likely to see lower oil prices towards the end of the year. At present the price is oversold intraday, so a bounce could materialise, but overall it looks like a move below $50 is on the cards. Potential support is possible around $51, $50.25 and then $48.94. A bounce has to get a daily close back above $52, which might then target $53 and $54.35.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.