Brent eyes $40 handle on talk of OPEC & non-OPEC meeting

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Oil bulls made a comeback in Europe, taking Brent prices to a high of $39.85 levels after reports hit the wires OPEC and non-OPEC meeting would happen on April 17 irrespective of Iran’s participation.

    Supported by 100-DMA

    Prices found bids around 100-DMA on Tuesday and recovered to $39 levels in Asia/early Europe today. Fresh bids came-in after Qatar’s energy minister said OPEC and non-OPEC shall meet in Doha on April 17. OPEC official added further to the bullish tone by stating the meeting would happen without Iran.

    Consequently, oil benchmarks rose on optimism a production freeze accord could be signed in April. Traders now await US government’s inventory data.

    Brent Technical Levels

    A breakdown of immediate support at $38.80 (daily low) would expose $38.31 (100-DMA). On the other hand, a break above $40 (psychological figure) could see prices test offers around $40.48 (Mar 14 high).
    For more information, read our latest forex news.

Share This Page

free forex signals