Oil Tries To Settle Above Multi-Month Highs

Oil managed to get above the resistance at $53.30 and made an attempt to settle above the resistance at $53.80 which is located near multi-month highs at $53.90. In case oil settles above this level, it will move towards the next resistance at $54.40. A successful test of this level will push oil towards the $55 level.

On the support side, a move below $53.30 will open the way to the test of the support level at $52.70. In case oil declines below this level, it will head towards the next support at the $52 level.