Brent oil looks neutral in a range of $87.05-$88.11 per barrel, and an escape could suggest a direction. The contract managed to stabilise around a support of $85.79.

The following gain has deeply reversed the preceding fall from $89.09.

The reversal suggests an extension of the uptrend, which seems to be driven by a wave 5. Strategically, this wave will be confirmed when it travels above $88.11.

A break below $87.05 will not only open the way towards $85.79-$86.38 range, but also indicate a continuation of the fall from $89.09.

Brent oil may retest support at $85.79

On the daily chart, it is hard to categorise the moderate gain on Thursday.

Until oil breaks $89.28, the extension of the wave c won’t be confirmed.

A close below the Thursday low of $85.74 on Friday could further indicate a completion of this wave.