FXStreet (Mumbai) - Brent futures hit a 9-day high of USD 31.33/barrel before trimming gains slightly to trade around USD 31.00 handle. Correction underway A technical correction is underway as oil was oversold. A lesser than expected rise in the US inventories triggered a profit taking on the shorts ahead of the weekend. Both the benchmarks – Brent and WTI – now trade 5% higher on the day. However, there exists a risk of turnaround as nothing has changed with regards to excess supply situation. Brent Technical Levels The immediate resistance is seen at 32.24 (4-hr 100-MA), above which the prices could test 34.69 (Jan 8 high). On the other hand, a break below 29.64 (hourly 200-MA) could see the prices test the hourly 100-MA at 28.79. For more information, read our latest forex news.