Fresh selling pressure around Brent boosted oil prices to new lows. Sellers were able to make a good break below 61.50 and the EMA50 which defended the downside. The benchmark moved lower after that driven by string bearish pressure approached 58.20 where it turned around and recovered to 60.50. The moving averages continued moving lower. MACD entered the negative area, while Stochastic bounced from the oversold readings. The resistance resides at 61.50, the support comes in at 59.50.
We believe that Brent has a potential to recover to the 62.00 region now.