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Brent oil may break a resistance at $48.80 per barrel and rise more to $49.53, as indicated by its wave pattern and a Fibonacci projection analysis, support is at $47.51, the 61.8 percent Fibonacci retracement on the rise from $45.59 to $50.62, a break below which will lead to a further loss to $46.78, the 76.4 percent retracement.