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SINGAPORE: Brent oil may test a resistance at $87.30 per barrel, a break above which could lead to a gain to $88.31.

The contract has broken a resistance at $85.68, the 238.2% projection level of an uptrend from $69.24. The next resistance is at $87.30.

Another projection analysis on a presumed wave (c) from $69.28 reveals a similar resistance at $87.05, the 161.8% level.

Physical crude oil market steams ahead after Omicron blip

These resistances are likely to work together to temporarily stop the rise and trigger a decent correction which has been missing for some time.

A break below $85.68 could cause a fall into $84.05-$84.67 range.

On the daily chart, oil climbed above a resistance at $85.17 again.

This resistance is supposed to trigger the second correction which could be similar to or shallower than the one from the Oct. 25, 2021 high of $86.70. However, until now, there is no sign of a correction yet.

Until a bearish candlestick appears, the basic assumption is that oil may rise towards $89.63.

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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