Brent prices extended gains in early US session to hit a session high of USD 34.44/barrel after the IEA report said US production is falling at a faster rate now. Trades above 50-DMA Further currently trade well above 50-DMA located at 33.85/barrel. The rally began in Asia as traders responded positive to the drop in the US rig count showed by Baker Hughes data on Friday. Gains were extended further after the IEA report showed faster drop in US production due to oil price slide. Oil benchmarks were down 4% on Friday as traders were worried talks between OPEC and non-OPEC producers regarding freeze/production cut were heading nowhere. Brent Technical Levels The immediate resistance is seen at 34.95 (Feb 17 high), above which prices could test 35.71 (Feb 18 high). On the other hand, a breakdown of immediate support at 33.85 (50-DMA) would open doors for a slide to 33.00 levels. For more information, read our latest forex news.