Another factor weighing on oil upside is the record levels of non-OPEC supply entering the market, with the US the main contributor. The graph below shows the longer-term uptrend in US oil production.
At the start of this week, Brent crude is rather flat but trades above the prior level of resistance around $83.50. The next levels of resistance appear at $87 and $89 with price above both the 200 and 50-day simple moving averages . In the event bulls fail to build momentum from here, $82 appears as support which coincides with the 200 SMA and $77 remains the next level of significance to the downside.
Source: Financial Digest (financialdigest.net)
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