Brent Crude Oil has established a major peak at $139.13. Strategists at Credit Suisse continue to expect a broad range.

Break above $123.74 to clear the way for a rise back to the recent $139.13 high

“Our broader bias is for Brent to remain in a broad although volatile trading range environment during the next 1-3 months, which we expect to be established between the recent $139.13 peak and potentially as far as the still rising 200-day average, currently at $85.11.”

“Above $123.74 is needed to clear the way for a rise back to the recent $139.13 high. Beyond here though would reinject fresh upside momentum into the market for a test of the $147.50 record high, which is currently not our base case.”