Brent testing bids around $40 handle

14 March, 2016

Brent prices dropped in Asia and extended losses in early Europe after Iran news reduced probability of joint production freeze. 

Futures currently hover just above $40/barrel levels. Prices repeatedly failed to chew through offers placed around $41/barrel last week after report hit the wires that a planned OPEC and non-OPEC meeting may not happen this month unless Iran commits to production freeze. 

Brent clocked a high of $40.45 before easing back to near $40 levels. Iran appears in no mood to freeze output unless it pumps at least 4 million barrels of oil per day and that could be capping the buying interest in the metal. 

Brent Technical Levels

The immediate hurdle is seen at $41 (Friday’s high), above which prices could test 41.46 (Mar 8 high). A break higher would expose 42.19 (Aug 24 low). On the other hand, a break below 40 (falling trend line support) could send futures down to 39.29 (Mar 8 low) and 38.49 (100-DMA)


Source link  
USD stays under pressure on politics

The US dollar inched up from a 13-month low against a basket of six major currencies touched in early trading, assisted by strongerthan-expected...

Dollar rebounds from multi-month lows

The greenback selling pressure seems to have abated for the time being, with the key US Dollar Index (DXY) bouncing off 9-month lows...

EUR/GBP jumps to fresh yearly tops

The EUR/GBP cross was seen building on previous session's strong up-move and has now jumped to fresh yearly tops near 0.8875...


USD: Fed being a little more hawkish

The dollar picked up over the past week, and this continued to be in reaction to a Fed that is being a little more hawkish...

EUR sluggish in recent weeks

EUR has also been surprisingly soft in light of the convincing win by French President Macron...

EUR/USD sinks to session lows

The single currency is now losing the grip vs. the buck, sending EUR/USD to test the area of daily lows in the 1.1240/30. Spot met extra downside pressure...


Euro is consolidating below the 1.1300

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair still points to some consolidation...

Dollar Index rebound looks plausible

In view of the analysts at Societe Generale, the Dollar Index correction appears to have come...

Oil closed strongly

Oil prices rallied after the EIA weekly report showed gasoline inventories declined the most at this time of the year for at least five years. Stocks dropped 3.26 million barrels to 238.2 million barrels. The market was also buoyed by a fall in US oil production, down 55kb/d to 8.46mb/d last week...

  


Share: