mql5

Intra-day H4 price is located above 200 period SMA and 100 period SMA for the primary bullish with secondary ranging: the price broke Daily Pivot level at 40.03 to above for the Fibo resistance level at 41.43 as the bullish intra-day target:

• "Oil prices rose above $40 a barrel on Wednesday, helping lift European stock markets back towards recent one-month peaks and taking the edge off global growth concerns for now."
• "Oil prices rallied on speculation that the world's largest exporters could agree this month to freeze production and help erode the largest global build in unwanted crude in years."
• "Brent crude futures LCOc1 rose 68 cents to $40.33 a barrel by 1050 GMT, having touched three-month highs on Tuesday above $41, while U.S. crude futures CLc1 were up 54 cents at $37.03."

If the price will break Fibo resistance level at 41.43 from below to above so the primary bullish trend will be continuing.
If not so the price will be ranging between between support level at 94.27 and resistance level at 97.30.

Trend:

• H4 - ranging bullish

the source