Oil: WTI continues its drop lower – Commerzbank

WTI Crude Oil retests the 11.42/9.75 support area, a fall through which would target last week’s 6.50 low, according to analysts at Commerzbank.

Key quotes

“Nymex Light Crude Oil is swiftly heading back down and currently probes the 11.42/9.75 support area. It consists of the June 1998 and December 1998 lows as well as the April 1986 low. Were it to be slid through, last week’s low at 6.50 would be next in line.”

“Below 6.50 there is no support until minor psychological support at 5.00 and major psychological support at zero.”

“Resistance can be seen between the April 23 high at 18.26 and the June 1997 low at 18.35.”