Brent crude oil steadied on Monday, on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC's supply cuts will prevent a build-up in unused fuel, though concern over China's economy offset gains. Oil has risen nearly 25 percent so far this year and is on course for its strongest first-quarter performance since 2011, thanks largely to a commitment by the Organization of the Petroleum Exporting Countries and allies to cut output. Click read more below for additional detail.
Crude oil prices continued to oscillate in a choppy range as traders weighed the conflicting influence of a weaker US Dollar – a source of support because the WTI benchmark is priced in terms of the greenback – and growing swing supply. US crude inventories and exports jumped to record highs last week, with the latter swelling by the most in almost three years.
Crude oil price standstill continues. A daily close above range resistance at 53.86 paves the way for a test of the 55.21-65 area (January 3 high, 38.2% Fibonacci expansion). Alternatively, a turn below rising trend line support, now at 51.92, sees the next downside barrier at 50.25, the 38.2% Fib retracement.
more at: http://finance.yahoo.com/news/crude-oil-prices-torn-between-043900794.html