Brent drops again as investors on OPEC's stubbornness to cut output

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    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.

Share This Page

free forex signals