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20 Oct 2014
Brent Crude declines marginally
FXStreet (Mumbai) - Brent Crude prices are trading marginally lower today after posting four consecutive weekly losses. The prices recovered from four-year lows on Friday on speculation that a 25% drop from the June high is overdone.
Brent Crude is trading 0.21% lower at USD 85.97/barrel, down from a day’s high of USD 86.66/barrel. The commodity had hit a 4-year low last week after the International Energy Agency (IEA) said oil demand will expand this year at the slowest pace since 2009. However, the prices recovered ahead of the weekend as major banks predicted the rout may be over. Goldman Sachs is “near-term constructive about prices” after they fell too much.
Brent Crude Technical levels
Brent Crude has an immediate support of 85.49, below which prices can fall to 84.86 (Oct 14 low). On the flip side, Crude can rise to 87.50 levels, if the immediate resistance of 86.66 is breached.
Brent Crude is trading 0.21% lower at USD 85.97/barrel, down from a day’s high of USD 86.66/barrel. The commodity had hit a 4-year low last week after the International Energy Agency (IEA) said oil demand will expand this year at the slowest pace since 2009. However, the prices recovered ahead of the weekend as major banks predicted the rout may be over. Goldman Sachs is “near-term constructive about prices” after they fell too much.
Brent Crude Technical levels
Brent Crude has an immediate support of 85.49, below which prices can fall to 84.86 (Oct 14 low). On the flip side, Crude can rise to 87.50 levels, if the immediate resistance of 86.66 is breached.