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Reuters commodity analyst Wang Tao says US oil may retest support at $88.66/bbl; a break could extend losses toward $87.41 and then $86.15-$87.41. Gains above $90.16 could lead to $90.70-$91.47.
US oil NYMEX:CL1! may retest a support at $88.66 per barrel, a break below which may trigger a fall to $87.41.The support is identified as the 114.6% projection level of a wave c from $94.76. Given that this wave failed to complete around its 100% level of $89.44, it may extend into the range of $8…