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Brent clocks 3-1/2 month high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Brent prices clocked more than three month high of $42.43 on increased possibility of OPEC and non-OPEC production freeze and dollar weakness.

    Poised for fourth straight weekly gain

    Futures are on track to end higher for the fourth straight week, courtesy of sharp sell-off in USD and optimism that major producers may reach production freeze accord in April irrespective of Iran’s participation.

    Prices were grappling with a key technical hurdle of $41.46 (Mar 8 high) before finally chewing through the same on the back of dollar weakness. Traders now await US weekly rig count release.

    Brent Technical Levels

    The immediate hurdle is noted at $43.13 (Nov 16 low), above which prices could test $44.79 (Dec 4 high). On the other hand, a break below $42.19 (Aug 24 low) would expose support at $41.46 (Mar 8 high).
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