Delayed and current EIA data for the week ending the 3rd and 10th of November revealed massive increases in crude storage, weighing heavily on the price. Deteriorating economic data has illuminated the path for lower oil prices but the recent accumulation of oil stocks has simply exacerbated the current sell-off.
Brent now trades around the 50% Fibonacci retracement of the broader 2020 to 2022 advance and well below the $82 and psychological $80 mark. The next level of support appears all the way at $71.45 but the market is likely to enter oversold territory before nearing such a level with resistance back at $82.
