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Brent oil: Gap filling underway, trades above $29/barrel

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Brent prices recovered from Asian session lows and are now trading around USD 29/barrel.

    Prices are filling the gap created after the futures opened at USD 28.11 compared to Friday’s close of USD 29.22. Oil prices at both the sides of the Atlantic witnessed a gap down opening in early Asia as investors priced-in an increase in Iranian oil supplies after sanction were lifted over the weekend.

    Brent futures currently trade 0.35% or 10 cents higher on the day at USD 29.15/barrel. Across the pond, WTI futures also trade 0.25% or 7 cents higher at USD 30.54/barrel.

    Brent oil Technical Levels

    The immediate resistance is seen at 29.94 (Jan 13 low)-30.00, breach of which could take the futures higher to 32.14 (Jan 7 low). On the other side, support is seen at 28.69 (hourly chart support), under which the pair could revisit 27.69.
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