The resistance is at the 38.2 percent Fibonacci retracement on the fall from $100.42 to $88.95.

Oil's failure to break this level signals the completion of its rebound from $88.95 and a possible resumption of the preceding downtrend that started from $100.42.

A break above $93.33 will lead to a further gain to $94.69, the 50 percent retracement.

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