Claims of Iranian president Hassan Rouhani about discovering of a huge oilfield in Iran could impose some extra pressure on the market. Market is still imbalanced having oversupply, therefore further growth of production may drive to making situation worse. Though exporting capability of Iran remains limited for the account of american sanctions.
On the chart we can distinguish horizontal range 60.00-62.50. Now the price resides in the middle of this range and has virtually equal probability of going either upwards or downwards.
Resistance levels: 62.50, 64.00, 65.00;
Support levels: 60.00, 59.00, 57.00.
Main scenario: Decline towards 60.00.
Alternative scenario: Growth towards 62.50.
Negative bias prevails on the market locally. For intraday trading we give preference to going short during pullback of the price to the 62.50 region.