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Brent dips below $41/barrel on bearish EIA inventory report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    A higher-than-expected inventory buildup in the US reported by Energy Information Administration (EIA) pushed Brent oil prices to a session low of $40.63/barrel.

    Hovers around $41

    At the time of writing, Brent futures were trading around $41 levels, The EIA weekly inventory figure printed at 9357K, which is well above the estimated number of 2525K. Consequently, oil prices took a hit a low of $40.63 levels.

    The recovery from the session lows goes unexplained; nevertheless, futures remain 1.8% lower on the day.

    Brent Technical Levels

    The immediate hurdle is seen at $42.05 (previous day’s high), above which prices could target $42.51 (Mar 18 high). On the other hand, a break below $40 would expose $39.18 (falling trend line support).
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