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Brent oil drops after four day winning streak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Brent oil prices fell in Asia and remain weak in early Europe after China PMI showed a very less likelihood of a demand driven recovery in the prices in the near-term.

    As of now, Brent futures are trading 2% or 73 cents lower at USD 35.30/barrel. Chinese manufacturing PMI - official and Caixin – remained well below 50.00; which means contraction in the activity. Furthermore, Shanghai Composite fell more than 1.5%, while the PBOC fixed a weaker Yuan for the first time in seven trading days.

    The resulting risk-off also kept oil prices under pressure.

    Brent Technical Levels

    The immediate resistance is seen at 36.14 (Jan 29 high), above which the prices could test 36.95 (50-DMA). On the other hand, a break below 34.75 (hourly 50-MA) would open doors for a drop to 33.01 (hourly 100-MA).
    For more information, read our latest forex news.
     

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