Brent (Dec '17): We go into today’s Inventories report with the bulls on top but 57.28 still needing to be seen off to suggest 59.25 will see a retest. 56.14 and 55.87 are early supports protecting 55.66 and 55.06. A break of all of these targets a deeper setback to 53.56.
WTI/US Crude: We got up to 51.42 yesterday after a good week for the bulls so far. This 51.42 level is the 61.8% retrace of the selling seen between September 28th and October 6th. Today has seen this on the back foot so far and coming into some strong support at 50.04-50.24 that needs to hold otherwise we can look for 49.10 then 48.73.
Let's see what the numbers bring!
Charts below are:
Top left - Brent Daily
Bottom left: Brent Weekly continuation.
Top right: WTI Daily
Bottom right: WTI Weekly continuation