As Brent oil touched $49.72, a trend-reversal happened in prices.
Brent oil had a great hike from 49.72 $ to 56.63 $ as sub-wave "1orA" .
We are having a correction that may continue to Ret 50-61.8% Fibo as Maximum Correction Levels around $52.7, but it may end upper at Ret 38.2-50% Fibo which can be around 53-54 Dpb.
After completing correction as sub-wave "2orB" , we may have another up-trend rally that can reach $60 and finally we can have a new high in 2017. Renewal of Freezing Supply Deal at the end of Q2 can help prices to reach 60 Dpb pice levels.