Brent Oil - Bearish outside day candle, what's next?

Brent Oil ended Friday with a bearish outside day candle/engulfing candle, suggesting the bulls may have run out of steam. 

The follow through today is not encouraging for the bulls. Brent oil clocked a high of $54.10 and is now trading the red at $53.60. At press time, the front month contract traded at $53.70/barrel. 

A bearish follow-through today could mean that oil has found a short-term top at the Friday's high of $54.83. 

Moreover, the lack of buying interest today clearly indicates that the oil markets are not buying the talk of output cut deal by the Saudi oil minister. Furthermore, fears that energy demand would be hit hard by Hurricane Irma and its aftermath is also weighing over prices. 

Brent Oil Technicals

A break below $52.92 [50-DMA] would open doors for sell-off to $51.96 [Sep 4 low]. On the other hand, a break above $54.10 [session high] would open up upside towards Friday's high of $54.83.