Yesterday, Brent crude oil traded higher and closed the day in the positive territory around the price of 94.35. Today, oil also rose slightly, rising to 94.80. On the hourly chart, Brent is still trading above the moving average line MA (200) H1 (90.90). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and while Brent remains above MA 200 H1, it may be necessary to look for entry points to buy when a correction is formed.
Probably, the main scenario is continued growth to 95.35 (Nov 16 high).
The alternative scenario is consolidation below MA 200 H1 with a subsequent fall to 85.90 (Aug 31 low).
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