Brent testing bids around $40 handle

March 14, 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)

Publication source
HYCM information  HYCM reviews

January 24, 2017
UK Supreme Court to deliver verdict on Brexit
The UKs Supreme Court will be giving its verdict in the High Court on whether the Brexit referendum should be put to a parliamentary vote or note. There is a widespread consensus that the Supreme Court will rule in favor of the High Court...
January 24, 2017
Crude oil maintains bullish trend
Oil prices were initially weaker at the start of the new week, but they have now recovered to trade almost flat at the time of this writing. At the weekend, the OPEC and some producers outside of the group met to discuss the progress of their oil production deal...
January 24, 2017
Dollar found its feet after declining over the last day
Asian stock markets were mixed overnight, with Japanese bourses still under pressure (Nikkei closed down 0.55%). despite a dip in the Yen, as USD stabilised. Uncertainty over Trump’s regulatory and trade policies continues to weigh on investor sentiment...

Larson&Holz IT Ltd Rating
EXNESS Rating
 FXTM Rating
FBS Rating
NPBFX Rating
Vantage FX Rating

UKoptions Rating
OptionBit Rating
Porter Finance Rating
OptionTrade Rating
First Binary Option Service Rating
Dragon Options Rating