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1 Apr 2015
Brent Crude drops below USD 55.00/barrel
FXStreet (Mumbai) - Brent Crude prices fell below USD 55.00/barrel on Wednesday on the possibility of a last minute deal with Iran over its nuclear program, which could allow more Iranian exports in the future.
Higher OPEC supply weighs on prices
A Reuters survey showed OPEC increased its oil supply in March to its highest level since October as Iraq’a exports recovered, while Saudi Arabia increased supply to record highs. Meanwhile, a possible increase in Libyan exports could also weigh overprices. The Libyan state oil company said Libya's two biggest oil ports, Ras Lanuf and Es Sider, would be able to open once security checks are made.
In the meantime, talks between Iran and six world powers to settle a dispute around Tehran's nuclear program are scheduled to continue on Wednesday morning in the Swiss city of Lausanne.
Brent Crude Technical Levels
The futures currently trade at USD 54.96/barrel. The immediate resistance is seen at 55.72 (5-DMA), above which gains could be extended to 56.59 (100-DMA). On the flip side, a break below 54.69 could drive the prices lower to 54.09 levels.
Higher OPEC supply weighs on prices
A Reuters survey showed OPEC increased its oil supply in March to its highest level since October as Iraq’a exports recovered, while Saudi Arabia increased supply to record highs. Meanwhile, a possible increase in Libyan exports could also weigh overprices. The Libyan state oil company said Libya's two biggest oil ports, Ras Lanuf and Es Sider, would be able to open once security checks are made.
In the meantime, talks between Iran and six world powers to settle a dispute around Tehran's nuclear program are scheduled to continue on Wednesday morning in the Swiss city of Lausanne.
Brent Crude Technical Levels
The futures currently trade at USD 54.96/barrel. The immediate resistance is seen at 55.72 (5-DMA), above which gains could be extended to 56.59 (100-DMA). On the flip side, a break below 54.69 could drive the prices lower to 54.09 levels.