The Brent Oil seems to have failed in consolidating his gains, after Friday’s rebound which led him to close almost at $46,68bbl, and it is trading at the moment with a negative performance of 0,04%.
All the OPEC members are waining to meet each other in Algeria at the end of September, in order to talk about the actual oil situation and, even if the expectations at the moment are very low, investors continue to hope in a possible production freeze in the short/medium term.
In addition, on Friday, have been released the Oil rig count data by Baker Hughes which shows a slight increase in the US Oil rig count. The number increased from 406 to 407, making the 10 consecutive weekly gain and this is not good for Traders, which continue to signal a production excess.
Following a Shana news report, moreover, during the weekend, the Algerian Energy Ministry Noureddine Bouterfa said he was not satisfied by the Crude price, defining unacceptable the $50bbl level and adding that the OPEC members are expecting the price to be between $50bbl and $60bbl.
The immediate resistance for Brent is positioned on the 200 MA at $46,55bbl, which broken could open the road to the $47,25bbl level.
On the opposite side, in case of an invention, the first big support is seen at $45,58bbl, on the support of the actual channel.