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Brent drops after Iran calls output freeze illogical

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Brent oil fell into losses after Iranian OPEC delegate reportedly said that asking Iran to freeze output is illogical.

    Drops below $32.00

    Prices turned lower from the high of USD 32.81 and fell below USD 32.00 handle as comments from Iranian OPEC delegates suggest the production freeze strategy may not be implemented at all. Saudi and Qatar made it clear yesterday the strategy would be implemented only if other major producers agree to do the same.

    Iran not only rejected production freeze, but also said the nations who increased their output since 2011 should cut back their output. Markets now await the conclusion of the meeting between Iran’s Oil Minister Bijan Namdar Zanganeh and his Iraqi counterpart.

    Brent oil Technical Levels

    Oil currently trades around USD 31.85/barrel. The immediate support is seen at 31.33 (Feb 11 high), under which the prices could drop to 30 levels. On the other hand, a break above 32.78 (Jan 25 high), which if taken out shall open doors for a re-test of 34.17 (50-DMA).
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