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Brent oil struggles after OPEC delegate comments

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Brent futures are having a tough time moving back above $37/barrel levels after OPEC delegates reportedly hinted at a very low possibility of production cut in June.

    Futures remain above key technical level

    The bid tone remains intact as prices finally managed to take out key resistance of $36.14 on closing basis on Monday. Moreover, the monthly technical chart shows bullish pin bar with a long wick at support levels; a formation which indicates bullish move ahead.

    However, bearish comments from OPEC delegates are capping gains in the futures around $37 levels. Oil traders now await US manufacturing data and API weekly oil inventory data release.

    Brent Technical Levels

    The immediate hurdle is seen at $37.37 (38.2% Of Oct high-Dec low), above which the futures could rally to 38.96 (Jan 4 high). On the other hand, a breakdown of immediate support at 36.14 (Jan 29 high) would expose 34.78 (10-MA).
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