Some brief comments from JP Morgan on oil

Say the trending bias lower remains intact

  • See support, a 'critical test' at $42-$43 /bbl for WTI (the March lows)
  • JPM say oil is 'deep oversold', which argues for some pause against these levels
  • Says a sustained reversal remains a difficult task at this point

On the top from here;

  • Key initial resistance enters at $45.60/46.70 zone for WTI ($51/52.30 zone for Brent)
  • Which should maintain the more immediate downside risks