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16 Oct 2014
Brent crude remains weak
FXStreet (Mumbai) - Brent Crude oil prices continue to remain weak amid the fall in the equity markets across the globe. Brent Crude for December delivery has lost more than a fifth of its value since hitting 2014 highs in June.
Brent Crude is now trading 0.74% lower at USD 83.50/barrel. Moreover, a technical correction in Crude prices has failed to gain traction so far, owing to a continuous supply of negative news out of the US, Eurozone, and China.
Members of the Organization of the Petroleum Exporting Countries (OPEC) are also maintaining output levels, while slashing prices to gain market share, analysts said. Even the weakness in the US Dollar witnessed yesterday post the release of the US Retail Sales data failed to prop up the Crude prices.
Brent Crude Technical levels
Brent Crude has an immediate support of 82.45, while the immediate resistance is located at the day’s high of 83.85. The prices may rally to 86.00 levels if the Crude manages to sustain above 83.85 levels.
Brent Crude is now trading 0.74% lower at USD 83.50/barrel. Moreover, a technical correction in Crude prices has failed to gain traction so far, owing to a continuous supply of negative news out of the US, Eurozone, and China.
Members of the Organization of the Petroleum Exporting Countries (OPEC) are also maintaining output levels, while slashing prices to gain market share, analysts said. Even the weakness in the US Dollar witnessed yesterday post the release of the US Retail Sales data failed to prop up the Crude prices.
Brent Crude Technical levels
Brent Crude has an immediate support of 82.45, while the immediate resistance is located at the day’s high of 83.85. The prices may rally to 86.00 levels if the Crude manages to sustain above 83.85 levels.