Oil prices have a chance to strengthen in the short term after an optimistic statement from energy ministers Saudi Arabia and Iraq to balance the market. On this day investors are looking forward to reports of US rig activity for US production instructions.
For the technical side, the nearest resistance level is seen at 55.00 area, penetrating upwards from that level could trigger further upwards to 55.30 area before aiming to the 55.90 area. On the downside, the 54.60 area is the nearest support level, breaking down from that level could push further decline to the 54.30 level before aiming to the area of 53.70.
Support level: 54.60 - 54.30 - 53.70
Resistant level: 55.00 - 55.30 - 55.90


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