Oil plunged below the support of 87.35 before prices rebounded as mounting attacks on tankers in the Middle East pushed oil prices higher.
As we see over the chart, the market is facing a trading zone between support 86.00-50 and resistance 90.50-91.25.
A break of one of those levels could push for further movement in either direction.
| SUPPORT | RESISTANCE | |
| LEVEL1 | 86.00-50 | 90.50-91.25 |
| LEVEL2 | 84.00 | 93.00 |
| LEVEL3 | 82.00 | 95.35 |