Despite all the headlines oil's 7% drop has made this week, oil thus far still remains above the $105 level where it broke higher from in late March. As discussed in today's Morning Line-Up Newsletter however, I would not be a buyer here until I see price stabilize. My long target (i closed my longs last week) remains at 120. At $114 last week we came within 5% of $120, which arguably may count as having reached $120.
Should oil give back the $105 area I would look for support in the 95-100 zone.