11 Feb 2015
Brent extends losses during the Asian session
FXStreet (Mumbai) - Brent oil futures on the ICE remained deep in red, extending losses for the second straight session after the International Energy Agency (IEA) released a bearish report suggesting ample supplies that will raise global inventory levels.
Oil prices declines on forecasts cuts
Currently, Brent trades lower by -1.21% at USD 57.42/ barrel, having fallen to fresh weekly lows at 57.21 levels. Crude extended losses after IEA forecasts continue to dampened market sentiments. In its Medium Term Oil Market report released earlier in the day, the IEA said that the U.S. will remain the world's top source of oil supply growth until 2020. The IEA predicted global demand for OPEC crude will rise in 2016 to 29.90 million bpd, after holding at 29.4 million this year. Moreover, disappointing Chinese data and looming concerns over Greece’s future also weigh on oil markets.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 59 levels above which gains could be extended to 60.59 levels. Meanwhile, support is seen at 57 levels from here losses could be extended to 56.50 levels.
Oil prices declines on forecasts cuts
Currently, Brent trades lower by -1.21% at USD 57.42/ barrel, having fallen to fresh weekly lows at 57.21 levels. Crude extended losses after IEA forecasts continue to dampened market sentiments. In its Medium Term Oil Market report released earlier in the day, the IEA said that the U.S. will remain the world's top source of oil supply growth until 2020. The IEA predicted global demand for OPEC crude will rise in 2016 to 29.90 million bpd, after holding at 29.4 million this year. Moreover, disappointing Chinese data and looming concerns over Greece’s future also weigh on oil markets.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 59 levels above which gains could be extended to 60.59 levels. Meanwhile, support is seen at 57 levels from here losses could be extended to 56.50 levels.