Midday update for Brent oil 11-10-2019

Brent oil price rallied upwards strongly to breach 59.60 level and attempts to hold above it, as oil prices affected by the assault on the Iranian oil tanker, which might cause high volatility and more rise.

Therefore, we prefer staying aside until the price confirming breaching the mentioned level or trading below it again, noting that holding above it will push the price to 61.00 followed by 62.50 areas mainly, while trading below it will press on the price to decline again and visit 56.00 as a first target.

The expected trading range for today is between 57.00 support and 61.00 resistance.

The expected trend for today: Neutral