On March 31, it slipped slightly to $104.34.
'This is the range that we see oil sitting in, with a few provisos, for the next fortnight. There will be buyers if oil breaks down below $130, look for resistance levels at $130, then down at $129.41, $128.80 and a major barrier at around $127.49.'
'Were oil to push its way down past $127.49 then the next big marker point would be $124.15. Nothing in the market looks as if it can justify this set of events.'
Image: Indian men drive bullock carts used for transporting oil in Mumbai. Record-breaking oil prices shot up to $135 per barrel on May 22 as international concern mounted and the world's top producer appealed for calm over soaring energy costs. | Photograph: Pal Pillai/AFP/Getty Images
Also read: How to beat inflation. 3 investment tips
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