Oil markets rallied as Saudi Arabia did not yield to pressure from US President Biden’s to boost supply. A fall below the psychological level of 100.00 and a bearish MA cross on the daily chart have put a dent to the two-year long uptrend. Rebounds could come under pressure as the bias shifted to the downside. The price action is testing 107.00 and its breach would carry it to the origin of July’s sell-off at 104.00 which is a major resistance. 99.50 is the immediate support and a deeper correction could send Brent crude below 94.50.
