Brent Crude Oil: Long-term support at $16.65/14.53 expected to be a floor – Credit Suisse

Brent Crude Oil has found support as expected at its multi-year support from the 1990s and early 2000s at $16.65/14.53 and strategists at Credit Suisse look for an important floor here.

Key quotes

“Brent Crude is crucially holding as expected its multi-year price support from the 1990’s and early 2000’s at $16.65/14.53. Our base case remains for this to remain a major floor and with the market above resistance at $27.10, we look for further gains with resistance seen next at $36.29/40, above which would confirm an important base.”

“Support at $23.22 now ideally holds to keep the immediate risk higher. Only back below $18.73 though would warn of a retest of $16.65/14.53.”