Brent Oil has suffered weakest daily close since November

Brent oil closed at $50.82/barrel on Tuesday; its lowest level since November 30, however, bears still need to take out the critical support of 200-DMA before claiming victory.

Hovers around 200-DMA line

At the time of writing, Brent oil was seen hovering just above the 200-DMA level of $50.72. The offered tone gathered pace in the North American session after the American Petroleum Institute (API) data showed oil inventories rose by 4.5 million barrels in the week to March 17.

Talk about extended OPEC output cuts fails to lift prices

Oil prices rose to a high of $52.19 yesterday after the news broke out that the OPEC could extend the output cut deal beyond June. It was also reported that Russia may be willing to join the party. However, the resulting oil price pop quickly ran out of steam. That was the second instance when the bullish OPEC news failed to lift the prices.

Brent Oil Technical Levels

Breakdown of support at $50.72 (200-DMA line) would open doors for a sell-off to $50.28 (Mar 14 low) and $50.00 (zero figure). On the other hand, a break above $51.00 (zero figure + Mar 20 low) would expose $51.66 (Mar 13 high) and $52.11 (Mar 15 high).