Oil prices jumped notably today double-whammy of disruptions in two key producers, in Libya and Iraq. WTI hits as high as 59.56 but fails to extend gains so far. Also, despite the recovery, near term bearish outlook is unchanged with 60.24 minor resistance intact. That is, current decline from 65.38 is seen as a leg inside medium term sideway pattern that started back at 66.49. Deeper fall would be seen and break of 57.35 temporary low will target 50.86 key support zone. However, firm break of 60.24 will dampen this bearish view and turn focus back to 65.38 high instead.
