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Brent oil ignores bearish OPEC report and Iran official comments

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Brent oil stays below USD 31/barrel; largely unaffected by OPEC’s bearish oil demand forecasts and comments from Iran officials.

    Supported by 61.8% Fib

    Prices found support around USD 30.55 (61.8% of Jan 20 low-Jan 29 high). Oil witnessed a minor drop of 40 odd cents following the bearish global oil demand growth forecasts released by the OPEC, but quickly recovered to near USD 30.75/barrel levels.

    Iran official reiterated what markets already know – country would not cut production as it intends to regain market share. Iran’s stand and OPEC bearish forecasts were already well known the markets; hence, prices have remained resilient.

    Brent Technical Levels

    The immediate support is seen at 30.55 (61.8% of Jan 20 low-Jan 29 high), under which prices could drop to 30.00 levels. On the other hand, a break above 31.32 (hourly chart resistance) could open doors for 32.14 (Jan 7 low).
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