Hurricane Harvey can cause a rise in gasoline prices and lower oil prices. Now all the refineries of the Gulf of Mexico have reduced production volumes. Subsequently, volumes may continue to decline if the effects of the hurricane are significant.
Technically, Brent crude oil is at the bottom of the side channel at 51.50. The pressure on the benchmark on Wednesday only increases, which could lead to a breakthrough of support.
The price has broken the EMA50 and EMA100, the EMA200 continues to grow. MACD entered the negative zone. The RSI is in the oversold zone.
Now we are waiting for the pressure to increase at 51.50, which will lead to a breakthrough and a decline to 50.50 dollars per barrel. Attached file area