US Oil tests near term support at 54.00
Oil at support
The near term picture for Oil has been weak of late and this morning I wrote a piece detailing those factors. See here.
Oil has now fallen into key daily support and shorts have taken profit heading into 54.00. That should see Oil bounce back into the range for now. A break of 54 and we are heading down to 53.00 and 51.00 below.