Brent oil – stuck between weekly 50-MA & 100-MA

Brent prices trade between the weekly 50-MA and weekly 100-MA level for the fourth straight week.

The weekly 50-MA is seen today at $44.178, while the weekly 100-MA is seen at $49.20.

Focus on OPEC meeting

The bar of expectations has been set very low due to the repeated failure on the part of the OPEC to reach a deal this year. Furthermore, the Cartel ended their meeting on Monday without agreeing on the concrete details of the output cut deal.

It remains to be seen if the OPEC is successful in reaching a deal on the Nov 30 ministerial gathering. Till then the OPEC sound bites are expected to guide the action in the oil prices.

Brent Technical Levels

Brent was last seen trading around $47.87/barrel. A break above $48.78 (weekly high) would expose $49.20 (weekly 100-MA), above which the psychological level of $50.00 stands exposed. On the other hand, a breakdown of support at $47.00 would shift risk in favor of a drop to key support levels of $46.31 (Weekly low) and $44.178 (weekly 50-MA).