Fresh offers hit Brent futures in Europe, pushing prices below $40.00 handle to a three-day low of $39.49 levels. Off lows, but under pressure A minor bout of profit taking on the back of risk-on in Europe helped the futures recover to trade around 39.80 levels; still down 1.5% on the day. Offered tone strengthened earlier today after report hit the wires that Iran is in no mood to cut produce unless it increases its output by 1 million barrels per day to 4 million barrels per day. Meanwhile, a moderate rise in the USD index is also weighing over oil. Across the pond, WTI futures are down 1.8% as well. Brent Technical Levels The immediate hurdle is seen at $40, above which prices could test $41 (Friday’s high). A break higher would expose 41.46 (Mar 8 high). On the other hand, a break below $39.49 (daily low) could send futures down to 39.29 (Mar 8 low) and 38.49 (100-DMA). For more information, read our latest forex news.