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Brent oil snaps two-day losing streak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Brent oil is trading higher in Europe, putting an end to a two-day losing streak after the API data in the US showed smaller-than-expected inventory build.

    Awaits US government’s inventory data

    The American Petroleum Institute (API) report released in the late NY session showed US crude stocks rose last week by 2.6 million barrels to 534.4 million barrels. Meanwhile, dovish comments from Fed’s Yellen weakened the dollar and also added to the bullish tone around oil futures.

    Consequently, prices recovered from the NY session low of $38.74 and are now trading around $39.60. Traders now await Energy Information Administration (inventory) figure, which is expected to show a 3.3 million barrel build, an increase to a record high for a seventh straight week.

    Brent Technical Levels

    The immediate hurdle is seen at $39.98 (5-DMA), above which prices could test 10-DMA hurdle of $40.58. On the other hand, a breakdown of immediate support at $38.87 (23.6% of Jan low – Mar high) would expose $38.30 (Mar 15 low).
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