FXStreet (Mumbai) - Brent oil hit three-week high of USD 34.84/barrel after Baker Hughes, in its report, said oil rigs across the globe could drop 30% in 2016. Trades above 4-hr 200-MA At USD 34.74/barrel, the futures are trading well above the 200-MA on the 4-hr chart seen at 34.07 levels. Baker Hughes comments only added to the corrective mood of oil prices. The correction gathered momentum earlier this week after major OPEC and non-OPEC producers took turns in stating readiness to participate in a joint effort to support prices. Brent Technical Levels The immediate resistance is seen at 35.96 (Dec 22 low), which if taken out shall open doors for 37.26 (50-DMA). On the other hand, a break below 32.54 (daily low) could see the prices test 5-DMA at 31.94. For more information, read our latest forex news.