Quotes of oil fell in the first trading day of the week, as there were doubts that OPEC at an informal meeting in the next month to reach an agreement on crude production limit.
Brent futures closed lower. The tool remains in a sideways range between 49.00-49.50 levels in trading Monday.Resistance is located at 49.50 support - to 48.50 dollars per barrel. MACD is at zero level. If the histogram will go into negative territory, it will point to the strengthening position of sellers. If the MACD will return to positive territory, control of the market will go to buyers. Oscillator RSI is neutral.
Brent futures broke through the 50-EMA on the 4-hour chart. 100-EMA-EMA 200 punched in an upward direction in said time frame.
In the short term picture remains neutral oil before the release of the report on Thursday crude oil stockpiles.
Analitkia Fort Financial Services