Yesterday quotes of "black gold" back lost ground after a 4% decline on Wednesday, when the pressure exerted on the oil inventory data in the United States, reinforcing concerns about a global glut in the oil market.
Quotes Brent corrected in yesterday's togas, showing an increase of 1.90%, after the previous large-scale reduction. Pushed off from the support 46.50, the price tested the resistance of 47.50.
MACD is in the negative zone, which indicates the position gain sellers. Its further decline would signal the strengthening of the positions of bears. RSI approached the oversold zone, which also confirms the downward trend.
Quotes rebounded from 50-EMA down. The moving averages are pointing downwards on the 4-hour chart.
BRENT forecast for today
After re-test resistance 47.50 in trading on the Brent crude oil is expected to resume with the aim of reducing the level 46.50.
Based on materials from Fort Financial Services