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Brent oil dips below $40/barrel

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    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).
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