Brent oil looks neutral in a range of $92.33-$94.54 per barrel, and an escape could suggest a direction.

A break above $94.54 will lead to a gain to $96.32, while a break below $92.33 could be followed by a drop into $89.83-$90.97 range.

The rise from $88.77 is closely related to the preceding uptrend from the Sept. 26 low of $83.65, as revealed by a projection analysis.

This relation suggests an upside bias, as the rise may be riding on a wave C which could travel to $98.10. On the daily chart, oil is consolidating around a rising trendline.

Brent oil may test resistance at $93

The consolidation could be a prelude to either a deep fall or a gain towards $99.51.

A break below $92.09 could be the very early signal of a deep drop, while a close above $93.44 on Tuesday will suggest a further gain towards $99.51.