Brent Oil futures on ICE rebounded sharply today, extending its recovery mode from six year lows, and is set to for a weekly increase amid falling output as tensions escalate in Libya.
Eyes USD 59/ barrrel
Currently, Brent oil trades 2.22% higher at USD 57.84/ barrel, heading towards fresh one week highs recorded at 59 levels. Crude rallied on the back of rising violence in Libya along with central bank easing in China which aggravated supply and demand concerns. Another session of high volatility is expected as traders will closely watch US labour report later in the day.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 58.50 levels above which gains could be extended to 59 levels. Meanwhile, support is seen at 57 levels from here losses could be extended to sub 56.45 levels.
Eyes USD 59/ barrrel
Currently, Brent oil trades 2.22% higher at USD 57.84/ barrel, heading towards fresh one week highs recorded at 59 levels. Crude rallied on the back of rising violence in Libya along with central bank easing in China which aggravated supply and demand concerns. Another session of high volatility is expected as traders will closely watch US labour report later in the day.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 58.50 levels above which gains could be extended to 59 levels. Meanwhile, support is seen at 57 levels from here losses could be extended to sub 56.45 levels.
