Brent Crude shot higher to 112.39 and held support at 110.60/55 on the pullback. Use 110.80/70 as support today and although the outlook remains positive, longs need stops below 110.40. A break lower should then target a buying opportunity at 109.80/70, with stops below 109.40.
Above 111.45 is more positive and meets resistance at 111.85/90. We should struggle here, but if we continue higher look for a retest of yesterday's high at 112.39. There is a good chance of a high for the day here again today, but be aware a break higher should then target December highs at 112.80/113.00.