Oil: Brent to hold above 15.98 – Commerzbank

Brent Crude Oil slips back towards minor support at 16.65 but is expected to hold above 15.98 this week at least, according to Karen Jones from Commerzbank.

Key quotes

“ICE Brent Crude Oil slid back to the October 2001 low at 16.65 below which it found support at 15.98 before rising back the April 23 high at 23.22. From there it is coming off again but for this week at least we expect Brent Crude Oil to remain above its 15.98 multiyear low and range trade between it and the 25.00 region.” 

“Resistance below the 25.00 level can be spotted between the March 18 and 23 lows at 24.52/68 while support is seen at the October 2001 low at 16.65.” 

“Below the next lower 15.98 low lies the July 1995 low at 15.41 and also the January 1994 low at 12.90.”