Brent oil prices recovered losses on talks of production freeze, but failed to take out the hourly 50-MA located at USD 31.05 levels. Hovers around $30.85/barrel Prices turned higher from the low of USD 30.05 on reports that Venezuela has proposed OPEC and non-OEPC production freeze and Saudi Arabia too is considering the option. However, Saudi needs Iran to join-in. But the probability of Iran warming up to the idea is close to zero since the nation is planning to recapture its market share. Hence, the recovery appears to have run out of steam at the hourly 50-MA resistance. The risk-off tone in the US equities is also keeping prices under pressure. Brent Technical Levels The immediate resistance is seen at 31.05 (hourly 50-MA), above which prices could target 31.87 (Feb 10 high and strong resistance on hourly chart). On the other hand, a break below 30.00 levels would shift risk in favor of a drop to 29.25 (Jan 25 low). For more information, read our latest forex news.