SINGAPORE: US oil may test a support at $60.98 per barrel, a break below could cause a fall to $59.55.

The contract has broken a support at $62.13. The next support will be at $60.98, around which a bounce may occur, as this support will be stronger than the one at $62.13.

The former support of $62.13 has become a resistance, a break above could lead to a gain at $64.71. On the daily chart, the support at $61.79 looks vulnerable under the heavy attacks of bears.

Chances are oil may break this support and fall towards $59.39, which may be the ultimate low the wave c could travel to.

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