Brent rose in the European session after a surprised OPEC decision to cut oil output. Moreover, a draw in U.S. crude stocks gave an additional support for oil prices.
Brent futures consolidated their gains after a sharp rally the day before. The price traded around 48.50 dollars per barrel moving back and forth around the level. Oil prices broke the 50, 100 and 200 EMAs in the 4 hours chart. The 100-EMA is neutral, while the 50 and 200 EMAs are turning upwards. The 200-EMA acts as a support for the price. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.
MACD grew which confirms the strength of buyers. RSI is consolidating within the overbought area.
Brent may extend its growth towards 49.50 dollars per barrelPublication source