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Brent hits fresh session low on Iran supply news

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Brent prices fell to a new session low of USD 32.68/barrel after Shana news reported that Iran plans to boost its exports at a higher rate than widely expected.

    Back around $33

    Prices trimmed losses to trade around USD 33/barrel. However, the bearish overhand is intact on fading prospects of a joint OPEC and non-OPEC production cut. Iran’s plan to boost oil exports to 2.3 million barrels of crude oil per day only reduces the probability of a joint production cut.

    Oil traders now await the US inventory data published by the American Petroleum Institute (API) due for release post US market hours.

    Brent Technical Levels

    The immediate resistance is seen at 33.96 (hourly 100-MA), above which the gains could be extended to 34.76 (hourly 50-MA). On the other hand, a break below 32.68 (daily low) could open doors for a slide to 32.35 (support on hourly chart).
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