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Brent falls back to $34 after Iran calls output freeze ‘ridiculous’

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    As per Shana news reports, Iran called Russia-Saudi output plan ridiculous and said it is unrealistic to expect Iran to cut production.

    Oil traders responded to the comments by sending oil benchmarks lower. Brent is back in losses, currently trading around $34.22/barrel; down 1.5% on the day.

    Prices found bids around 50-DMA earlier today and rose as high as $35.08 before comments from Iran pushed them lower.

    Iran was never expected to support the production freeze strategy. Nevertheless, prices rallied last week after Russia-Saudi agreed to freeze production at January levels and asked other major producers to do the same

    Brent Technical Levels

    The immediate resistance is seen at 34.94 (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 33.78 (50-DMA) could see prices drop to 33.17 (10-DMA).
    For more information, read our latest forex news.

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