The price for Brent crude oil keeps falling. It was affected by the news that Saudi Arabia has hit a new output record. In June, they pumped out about 10.564 million barrels a day. The head of one of the biggest oil companies stated that they are going to increase the production as long as there is a demand on the markets. According to the statistics, in 2015 demand for oil may rise to 92.61 million barrels. Furthermore, other countries such as Iraq and Nigeria also increased their output further affecting oil prices.
Support and resistance
The nearest resistance level is at 57.03 (1/3 Murray).
The nearest support level is at 57.81 (2/8 Murray).
Open short positions after the breakdown of the level of 57.03 with the target at 56.25 and stop-loss at 57.20.Publication source