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Brent oil nears last week high on USD selling

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Brent oil neared March 8 high of $41.46 on the back of broad based USD selling and on optimism major producers may announce output freeze in April.

    Trades above $41

    Prices currently trade around $41.20, after having clocked a session high of $41.41 levels. USD is being sold across the board after Fed came out dovish. A weak dollar is making commodities costly.

    Oil prices were already on the rise after having bounced off the 100-DMA support on Tuesday. Moreover, oil benchmarks are upbeat after OPEC and non-OPEC members decided to meet in April irrespective of whether Iran agrees to attend or not.

    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 $41 would open doors for a drop to $40.40 (previous day’s high).
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