FXstreet

For over five years the oil market has been led to that believe Brent was the global proxy futures benchmark, more reflective of supply and demand permutations around the world, as opposed to the West Texas Intermediate deemed more indicative of US conditions.

Crude Oil Weekly price is on bearish market condition: the price is bouncing from 37.88 resistance level to start ranging within the primary bearish market condition with 35.94 support level as the nearest target to re-enter.

Resistance	Support
37.88	35.94
42.18	N/A

If W1 price will break 37.88 resistance level so we may see the local uptrend as the bear market rally with 39.36 level as the next target.
If not so the price will be ranging between the levels.
If W1 price will break 35.94 support level on close bar so primary bearish trend will be continuing.