Brent rebounds from earlier weakness
The price has recovered from weakness earlier in the week, with initial resistance around $56.50 now likely to be tested. Beyond this, the price may target the December high at $57.62.
A failure to move above $56.50 might suggest a test of support at $54.73 and then $54.26. It will take a move through $53, the low of early December, to indicate a potential test of $50 and then $47.
WTI buyers extended crude rally
Once again buyers have come back in to rescue the crude rally. We now look to see if the price can move above $54.13 to then challenge the $54.88 area. A firm drop through $52.50 would suggest a drop to $51.55 and then $50.