Heightened concerns regarding excess supply is keeping Brent oil futures below its 50-DMA at 33.97 levels. Saudi will not cut production The bearish pressure made a comeback in the NY session after the data in the US showed the oil inventories rose to record highs last week. Bulls were also demoralized by Saudi foreign minister, who said other nations can freeze production or limit supply but Saudis will not take part in a cut. Nevertheless hopes of a production freeze remain intact and that is restricting losses in the Brent futures. Oil traders now await the US rig count data. Brent Technical Levels The immediate resistance is seen at 33.97 (50-DMA), above which the prices could test 34.95 (Feb 17 high). On the other hand, a breakdown of immediate support at 33.47 (Jan 27 high) would open doors for a slide to 31.79 (Feb 17 low). For more information, read our latest forex news.