Bloomberg quoted one analyst:
“The oil market has been oversupplied for some time now and that hasn’t changed,” Myrto Sokou, senior research analyst at Sucden Financial Ltd. in London, said by phone. “It is now reacting more to macro-financial news than fundamental data, so the main focus of the day will be the release of key U.S. economic data.”Well that and the price of the buck which is a few pips higher this morning at $1.3509.
There may be support at $93.71 a barrel, the low from June 26 but it doesn't look very convincing.
Another line on the chart is resistance at $97.00 a barrel, the high from October 31.
