The downward momentum lost legs around 52.00 dollars per barrel. Fresh bids around the mark helped Brent to build on a correction. The price reclaimed 50.50 first and advanced to 51.22 after that. The resistance lies at 51.50, the support lies in at 50.50 dollars per barrel.
Sellers broke the ascendant trend line and are trying to take some profit now. We do not believe in the current growth. It is most likely corrective. The benchmark is likely to return to 50.50 soon.