FXStreet (Mumbai) - Brent futures turned lower from the NY session high of USD 32.69 to trade around USD 31.10/barrel as the rally triggered by hopes of OPEC production cut ran out of steam. Oil markets are Schizophrenic The movements in the oil prices are erratic, big up days followed by big down days and lack of clear direction. The oversold nature means prices look out for reasons to correct, which is then immediately followed by fresh sell-off as fundamentals - supply glut – remain bearish. The American Petroleum Institute (API) late Tuesday reported that crude supplies climbed by 11.4 million barrels for the week ended Jan and this pushed the prices lower from the high of USD 32.69. The focus today is on the weekly US government inventory data and on the FOMC rate decision. Brent futures Technical Levels A break below the immediate support at 30.80 (5-DMA) would open doors for a sell-off to 29.93 (10-DMA). On the other side, resistance is seen at 31.78 (daily high), above which futures may revisit 32.78 (Jan 25 high). For more information, read our latest forex news.