Brent oil extended losses to hit a five-day low of $39.12/barrel after news of a delay in OPEC and non-OPEC meeting hit the wires. Falling prospects of production freeze OPEC and non-OPEC producers were scheduled to meet on March 20. Markets were expecting major producers to sign a production freeze accord. However, Iran refused to commit to output freeze and thus poured cold water over optimism. The meeting is now expected to be held in April. The delay indicated markets how difficult it is for major producers to reach agreement. Consequently, prices dropped and currently hover around $39.30/barrel. Brent Technical Levels The immediate hurdle is seen at $40, above which prices could test $41 (Friday’s high). A break higher would expose $41.46 (Mar 8 high). On the other hand, a break below $39.00 could send futures down to $38.49 (100-DMA) and $38.00 levels. For more information, read our latest forex news.