Brent prices trimmed gains to trade around its 5-DMA located at USD 31.49 levels as technical correction ran out of steam on concerns of oversupply and risk-off in the markets. Rejected at $31.82 Prices turned lower from USD 31.82 levels. A minor bullish move gathered pace in the NY session on reports Saudi Arabia is warming up to the idea of OPEC and non-OPEC production freeze. However, Iran remains a roadblock in any attempts to cut or freeze production at current levels. Consequently, the futures trimmed gains. Oil traders now await the US rig count data released by Baker Hughes every Friday. Brent Technical Levels The immediate support is seen at 30.81 (Jan 27 low), under which prices could drop to 29.89 (previous day’s low). On the other hand, a break above 31.82 (daily high) would expose 32.78 (10-DMA) levels. For more information, read our latest forex news.