Brent Crude Oil is hovering above key averages but remains still clearly below $139.13. A weekly close above the latter is needed to clear the way towards the record high of $147.50, strategists at Credit Suisse report.

Close below 55-DMA at $110.81 to reinforce a broader sideways range again

“Brent Crude Oil has failed to remain above the $123.74 resistance but still remains solidly above key averages and we look for a sustained move above $123.74 for a test of the $139.13 March high, which we would expect to cap the market, at least temporarily.” 

“A weekly close above $139.13 though would be seen to clear the way for a test of the $147.50 record high.”

“Immediate support we identify at the 55-day average, currently at $110.81. A close below here would be seen to reinforce a broader sideways range again with support seen next at $101.80 and then the crucial 200-day average, now at $92.09.”