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

“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.”

FXStreet reports that according to analysts at Commerzbank, WTI Crude Oil retests the 11.42/9.75 support area, a fall through which would target last week’s 6.50 low.

“Nymex Light Crude Oil is swiftly heading back down and currently probes the 11.42/9.75 support area. It consists of the June 1998 and December 1998 lows as well as the April 1986 low. Were it to be slid through, last week’s low at 6.50 would be next in line.”

“Below 6.50 there is no support until minor psychological support at 5.00 and major psychological support at zero.”

“Resistance can be seen between the April 23 high at 18.26 and the June 1997 low at 18.35.”