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SINGAPORE: Brent oil is likely to drop to $112.94 per barrel, a break below which will lead to a further loss to $111.94.
A five-wave cycle starting at $107.67 has completed at $116.20, and a Fibonacci retracement analysis reveals a target at $112.94, the 38.2 percent level.
The 50 percent level at $111.94 will become available if the support at $112.94 fails to hold the fall.
It seems Brent oil and WTI are moving in different directions, causing their spread to narrow further.
No information in this analysis should be considered as being business, financial or legal advice.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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