Positive news about an OPEC output deal propelled oil to a new recovery-rally high at $49.20 overnight, but a sell-the-news reaction has since emerged, pressing oil back to the $48.00-$47.80 area.
The weakness is also correcting the differential between the expiring Dec. contract (as of Monday PM) and the new front-month January contract.
The differential will be completely closed if nearby oil trades down to $49.50, which is considered important support.
Be that as it may, a pullback that finds support in the $48-$47 area should be followed by another upleg that propels oil to $50.70 to $52.00 next.