WTI trading at $95.43/bbl

According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., “The near-term crude weakness persists, as the price, unable to scale the strong 97.00 barrier (also 61.8% of 98.22/95.02 downleg), approached the key near-term support at 95.00. With near-term studies in the negative territory and price below 20/55-day EMA, the downside remains favored.”

Conversely, “initial resistance lies at 96.00, reinforced by the 55-day EMA, with 96.55 (last Friday’s peak) seen capping for now.” Drvenica predicts. At the time of writing, WTI crude has settled in the region of USD $95.43 Monday.