The 2-hour chart for Brent crude shows a price of around $105.50. Price has maintained its more recent higher lows sequence.

Also notable is the fact that price is comfortably above both moving averages as well as the rising support trendline. The recent dip from the $107 area has not altered the bigger bullish scenario.

The first target I am watching is $107.22. A break above that level would expose $109.90 and then $112.68. Support is situated at $102.30, $99.62 and $96.87.

RSI is above the 50 line. I am bullish while $102.30 and the rising trendline are holding. A close above $107.22 would be more bullish for the $109.90 area, and a close below $102.30 would be more bearish.