SINGAPORE: US oil may test a support at $47.49 per barrel, a break below which could cause a fall to $47.06.

It is hard to categorise the current drop, which is tentatively regarded as a correction against the rise from $45.69.

A retracement analysis reveals the immediate support at $47.49, which may temporarily hold. Resistance is at $47.91, a break above which could lead to a gain to $48.43.

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.