Brent Crude held just above Tuesday's low of 108.55. Resistance at 109.70/75 did just hold a move higher but as stated yesterday, shorts need stops above 109.95 for a selling opportunity at 110.30/40, with stops above 110.80.
Today's outlook remains quite negative so watch support at 108.55/45. Failure here targets support at 108.05/00 which could hold the downside but below here meets 200 day moving average support at 107.60/40.
Weekly Outlook: Support now at 110.60 then 109.20. Next target is 108.10/00.
Above 112.20 can target 113.00 highs last week. A break higher targets 114.28.