The Brent crude oil opened the market with a gap-up yesterday, on concerns over potential renewed U.S. sanctions against Iran as well as the conflict in Iraq. The price edged sharply higher above the $57.16 barrier, while it posted a bullish week and climbed more than 4%. The next level to have in mind is the $58.85 resistance handle or if the price tries to cover the gap will drop lower.
Technically, on the short-term chart, the RSI indicator is turning slightly to the downside with weak momentum above the mid-level. Also, the stochastic oscillator failed to hit the overbought zone and is sloping to the south.