 Hello, welcome to this week's CMC Markets Commodity Snapshot with myself Jasper Lawler. This week we're going to look at the all-important crude oil again, particularly the Brent contract. There's been a slight uptick in prices and we want to have a look and see if anything's fundamentally changed and whether this change in trend can continue. Before we do have a look at Brent, I just wanted to refer back to last week's snapshot in which we were talking about corn. Just going to have a look at the price chart here. Here you can see we kind of zoomed in a bit on the weekly candlestick chart and you can see that in this current week we've broken above that aforementioned downsloping trendline and I think what we're looking at here is a slight confluence between the 50% retracement of this decline and these lows that you can see earlier on in the charts. Now, if prices can move above there then I think we are looking a lot more positive on the corn price and we could see much higher prices. So have a look at this 417, if prices are able to get there a break above that could be significant. Now back to oil prices. Now we've seen a bit of a base about 5850 on Brent crude oil. Now fundamentally the situation is kind of the same in that we're still looking at a kind of supply demand imbalance and obviously the US and Russia are still pumping out oil as are the OPEC countries but global demand is slowing a bit and we've seen that confirmation of that with a slowdown in China's manufacturing data. But nevertheless prices have ticked higher. One one of the reasons for this could perhaps be is that there have been a few oil companies coming out from particularly US and Canadian companies talking about a cut in capital expenditure for 2015 and obviously that hasn't actually translated to any reduction in supply but you know if they're exploring less fields cutting back on production then eventually that could feed into a slightly slower supply. So instead of that cut in supply coming from OPEC as the market was looking it may look like OPEC's policy could be in the beginnings of working out whereby in the US whereby the supply is just a bit more pricey to get out the ground they are actually going to be the ones that cut supply first just through that lack of capital expenditure and that lack of oil that might have come into the market. Now let's have a look how that's playing out on the price charts. First we'll have a look at the one hour charts and you can see here this is the down slipping channel that I had drawn in the the chart forum and we can see that at that 6850 level we saw basically a double bottom pattern we've broken strongly through the channel we've come back and retested it now we're back up at this 63 level so this this will be kind of key going forward it can we can we hold above 63 that would be positive for all prices going forward and now if we just flip over to the longer term chart we can see where are we actually coming from on this well you can see that it is this 5950 right around that 60 level that's been mentioned by a lot of the the OPEC and oil ministers that could be the bottom in prices right around there is where we've seen this reversal so it does make sense to that there is some sort of longer term support coming in and we see that kind of potential trend line just a bit beneath as well and just as an FYI if you click this speech bubble icon in the top right hand corner of the chart you can actually copy my analysis straight onto your own chart for you for your own use so that's it for this week CMC marking its commodity snapshot we're of course looking at Brent Crude Oil the price trend is still very much down but we've seen a tick higher recently in this 63 level in Brent could be key going forward