25 Feb 2016
Brent drops again as investors on OPEC's stubbornness to cut output
Brent oil dropped in Europe as investors shifted their focus back on OPEC’s stubbornness to cut output and falling prospects of OPEC and non-OPEC production freeze.
Negative day today?
Negative day today?
Brent chart shows a tug of war between bulls and bears. Futures are changing hands each day – from bulls to bears and back to bulls – since mid-February. Consequently, the odds of a bearish move are high today, given the prices ended on a positive note yesterday.
Prices received a boost in the NY session yesterday after the US government data showed gasoline demand trumped stockpile build. At the time of writing, Brent futures were down 1.89% or 66 cents at $33.77/barrel.
Brent Technical Levels
The immediate resistance is seen at 34.64 (previous day’s high), above which prices could rise to 35.71 (Feb 18 high). On the other hand, a breakdown of immediate support at 32.88 (Tuesday’s low) would open doors for a drop to 32.34 (previous day’s low).
Negative day today?
Negative day today?
Brent chart shows a tug of war between bulls and bears. Futures are changing hands each day – from bulls to bears and back to bulls – since mid-February. Consequently, the odds of a bearish move are high today, given the prices ended on a positive note yesterday.
Prices received a boost in the NY session yesterday after the US government data showed gasoline demand trumped stockpile build. At the time of writing, Brent futures were down 1.89% or 66 cents at $33.77/barrel.
Brent Technical Levels
The immediate resistance is seen at 34.64 (previous day’s high), above which prices could rise to 35.71 (Feb 18 high). On the other hand, a breakdown of immediate support at 32.88 (Tuesday’s low) would open doors for a drop to 32.34 (previous day’s low).