Brent Crude has sold off extremely sharply, reaching a weekly low at $31.02, in line with the bearish bias of analysts at Credit Suisse.
Key quotes
“The market is currently stabilising somewhat but more strength is needed to revert the strong medium-term downtrend.”
“We expect a renewed move lower, opening up next key long-term support at a still distant $27.10, the 2016 low. If $27.10 would break, next supports are then seen at $23.05/22.56.”
“Only a move back above $39.70 would ease the current pressure on Brent Crude oil, which is not our base case, and we expect this level to cap further upside if reached.”
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