Brent oil - 50% of Apr 2015 to Jan 2016 drop retracted

Another important point to note is Brent oil has retracted 50% of Apr 2015 high to Jan 2016 low. The level stands at $48.34, while prices currently trade around 48.70 levels.

Earlier today, I had posted on a possible bearish price RSI divergence on the daily chart, if today's day end closing is weak.

If prices end below $48.00, that would mark a bearish price RSI divergence and failure to sustain above two key levels - 47.99 (23.6% of June 2014 high-Jan 2015 low) and 48.34 (50% of Apr 2015-Jan 2016 drop).