Oil - Brent Crude - 4 Hourly

The price of Brent Crude oil has fell slightly over the past couple days, but important to monitor the chart ahead of weekly API today and US inflation data in the week.

US inflation data is coming up this week which could have an influence on either direction for oil. From a technical perspective, the price of brent crude oil is currently sitting at $93.75. With the utilisation of the Bollinger bands, support sits at $92.38. A break below this support level could see the oil price drop further towards the next support level at $91.95, which corresponds with the lower Bollinger band. Towards the upside the first resistance level rests at $94.65, followed by this is further resistance at $95.27 (middle moving average of the Bollinger bands). A break above the middle moving average may see the oil price hike towards the $97 price tag. Taking a look at the other indicators, MACD is currently negative but RSI reads 48 suggesting a neutral position.