17, August 2016

Brent (a 4-hour chart)


Yesterday, Brent crude oil futures tested the level of 48.5 dollars per barrel, but failed to stay above. During the day the market was also unable to move higher. Whereas yesterday's impressive growth, there are reasons to expect a rollback on the factor of possible profit-taking. In the medium term the probability of Brent return to ​​$ 50 area is high, at least while speculation about Energy Forum in Algeria remains in the game. From a technical point of view, the oil enters the high resistance area 48.50 -49 dollars per barrel.