Brent (a 4-hour chart)
Brent futures traded lower on Friday due to uncertainty over OPEC output agreement.
Brent oil futures bearish trend remained intact. Oil prices remained in a near-term descending channel and stayed around 50.50 in the European session on Friday. Brent futures tried to recover after a sharp drop on Thursday. However, the recovery was weak and was caused by profit taking. Oil prices moved lower ahead of the North American session and tested the level 49.50 by the end of the trades. The 100 and 50 EMAs are moving downward, the 200-EMA is pointing higher. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.
MACD is in the negative area. MACD declined which confirms the sellers’ positions strengthening. The RSI is within oversold area.
We suppose the Brent oil prices will go to 49.50 first. Having overcome the first target the price might advance towards 48.50.