Enthusiasm about a possible increase in demand from China and stable consumption in the US could see the oil edge higher.

Brent Crude oil has been fairly stable in today's session, but enthusiasm about a possible increase in demand from China and stable consumption in the US could see it edge higher. From a technical perspective, the price of oil is currently trading at $90.83 per barrel. The first support level sits at $89.68 followed by a major support level at $87.98. A break below the major support level could see the price of oil fall towards the $85-per-barrel mark. On the other hand, towards the upside, there is minor resistance sitting at $91.72 followed by a major resistance level at $93.30, which corresponds with the green trendline. A break above the major resistance level may create short-term momentum and see the price of oil hike towards the highs of October ($97-$98). Looking at the indicators, MACD is turning neutral and RSI reads 46, overall suggesting a neutral stance.