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WTI trading at $96.26/bbl

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “Crude oil’s near-term tone is negative as the price action remains capped at the 97.00 barrier (Fib 61.8% of 98.22/95.00 descent), following a rejection of the sharp recovery from the 95.00 downturn. Yesterday’s low at 95.53 (also 76.4% of 95.00/97.00 upleg) is seen as immediate support, while a break here will expose the key support at 95.00, a loss of which would extend the down wave from 97.00 towards 94.00 (it’s 100% expansion).”

“On the upside, only break above 97.00, seen as the key near-term barrier would shift near-term focus higher.” Drvenica predicts. At the time of writing, WTI crude has settled in the region of USD $96.26 Friday.

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