Brent oil dropped in Europe as investors shifted their focus back on OPEC’s stubbornness to cut output and falling prospects of OPEC and non-OPEC production freeze. Negative day today? Brent chart shows a tug of war between bulls and bears. Futures are changing hands each day – from bulls to bears and back to bulls – since mid-February. Consequently, the odds of a bearish move are high today, given the prices ended on a positive note yesterday. Prices received a boost in the NY session yesterday after the US government data showed gasoline demand trumped stockpile build. At the time of writing, Brent futures were down 1.89% or 66 cents at $33.77/barrel. Brent Technical Levels The immediate resistance is seen at 34.64 (previous day’s high), above which prices could rise to 35.71 (Feb 18 high). On the other hand, a breakdown of immediate support at 32.88 (Tuesday’s low) would open doors for a drop to 32.34 (previous day’s low). For more information, read our latest forex news.