Nymex Light Crude is retracing to test its new support level at the former two-year high of $54.50/barrel. Respect would confirm the primary advance.
Brent crude is similarly retracing, to test support around $60/barrel.
Broad commodity prices are likely to follow crude, with the DJ-UBS Commodity Index heading for resistance at 90.
Iron ore is more susceptible to cycles in the Chinese real estate market but is likely to respect primary support at $52.50/tonne.
Even gold is likely to benefit in the long-term if crude prices rise.