US oil may drop more to $103.45

SINGAPORE: US oil may drop more to $103.45 per barrel, as suggested by a projection analysis.

The drop from the Wednesday high of $114.05 confirmed a completion of the bounce from the June 22 low of $101.53 and a continuation of the downtrend from $118.97.

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Resistance is at $107.74, a break above which could lead to a gain into $109.27-$110.39 range.