Crude oil is declining again. Hourly resistance at 37.88 (15/12/2015 high) has been broken. While the medium-term technical structure remains clearly negative in a context of oil oversupply, there is a short-term bullish increase. Yet, oil is expected to show continued weakness.
In the long-term, crude oil has not shown signs of recovery. Strong support lies at 37.75 (24/08/2015) has been broken and 32.40 (18/08/2015 low) is now on target. Nonetheless, crude oil is holding way below its 200-Day Moving Average (setting up at 50). An very unlikely break of the resistance at 60.72 (05/07/2015) would confirm an underlying uptrend.