Oil prices continue to consolidate below 111.40 because of fears that the world economy will fall into recession. The upcoming Fed minutes will also affect how the quote moves today, as investors are closely monitoring for signals about the future actions of central banks in relation to interest rates.
Technical picture:
The quote is currently at the level of the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. Meanwhile, the relative strength index (RSI) is at 50%, and the stochastic indicator is moving up.
Possible dynamics:
A rise above 111.40 may provoke a local growth to 115.30.
