Brent oil may test a support of $97.61 per barrel, a break below which could open the way towards $94.69. The bounce from $98.50 has been totally reversed.

Undoubtedly, the downtrend has resumed.

The trend observes a set of projection levels of the fall from $114.72.

The 138.2% level of $97.61 serves as an immediate target while the 161.8% level of $94.69 the second target. Based on the height of the bounce, oil may drop to $91.03.

Brent crude settles below $100/bbl on higher dollar, weak demand outlook

Resistances still derive from a retracement analysis on the fall from $114.72 to $98.50.

The nearest one is $100.03, a break above which may lead to a gain to $101.70.

On the daily chart, the break has been confirmed below a key support of $99.51, the 61.8% projection level of a wave (C) from $125.19.