Bullish momentum in oil ran out of steam as prices neared last week’s high of $41.46, making way for a bout of profit taking. Prices now trade around $40.60/barrel and threaten to fall into losses. Prices hit a high of $41.41 on the back of a broad based USD weakness before profit taking took control. Oil benchmarks regained bid tone on Tuesday, with Brent rebounding from 100-DMA level after reports hit the wires about OPEC and non-OPEC meeting in April 17. Possibility of major producers reaching production accord in April rose after Russian oil minister informed markets about Iran’s participation in April 17 meeting. Brent Technical Levels The immediate hurdle is seen at $41.46 (Mar 8 high), above which prices could target $42.19 (Aug 24 low). On the other hand, a break below $40.39 (daily low) would open doors for a drop to $39.29 (Mar 8 low). For more information, read our latest forex news.