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Brent held above $50 a barrel on Friday following an OPEC meeting that failed to agree on output targets, but which was seen as supportive as Saudi Arabia pledged not to flood the market with more fuel. Oil prices received further support as data from the US Energy Information Administration (EIA) showed US crude stockpiles fell 1.4 million barrels last week, drawing down inventories for a second straight week. On the hourly chart, we can see Brent paring the gains slightly at 50.17. RSI (14) is hovering just above the average level, indicating that the current uptrend is getting weaker and a reversal may take over. The price is expected to move down toward the support at 49.86 before resuming its bullish power.
Trade suggestion
Buy Digital Put Option from 50.59 to 49.86 valid until 20:00 June 3, 2016
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