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In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the barrel of European reference Brent crude could advance to $88.49.

Key Quotes

“ICE Brent Crude Oil’s rally above key resistance at 80.13/50, the May and early September highs, made us change our forecast to a bullish one with the 2012 low at 88.49 now being in focus medium-term”.

“En route is the October 2014 low at 82.60″.

“Minor support is seen at the 77.37 mid-September low and more significant support between the early September low and the 55 day moving average at 75.64/25″.

“Further down sits strong support between the May and June lows and the 200 day moving average at 72.45/22″.

“Below it lie the July as well as August lows at 71.80/70.30″.