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  
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...

Gold hovering around 3-week high

Gold on Wednesday traded in a narrow band but maintained its bid tone and is hovering around 3-week high level touched on Tuesday to currently trade around $1364 region...


US Dollar weaker, finds support at 97.00

The greenback, tracked by the US Dollar Index, is now picking up some pace after finding some support in the 97.00 neighbourhood...

Gold rises to a four-week high

After hitting a four week high level of $1284 during early late Asian early European session, Gold prices remained bouyant for fourth session in a row and are currently holding steady around $1282 level...

Gold pauses after hitting three-week high level

Gold is seen retracing a bit from a 3-week high level of $1266 touched during Asian trading session on Thursday and is currently trading with only a marginal cut, at $1261...


Gold slides further, drops back below $128

Gold weakened on Monday and extended its weakness during European session and dipped back below $1280 to currently trade near session low of $1279...

Gold turns negative, slips below $1280

Gold has now turned lower, extending its weakness for fourth consecutive session, sliding further below $1280 level to currently trade near $1278, though off day's low of $1274.50...

S&P 500 futures recover to reclaim 2100 mark

Spoofed by drop in crude oil prices and a slump in Chinese stock market, broader US equity indices futures were trading lower before recovering, pointing to a higher open on Wednesday...

  


Share: