Brent Oil Clocks Fresh 2016 High
Brent oil rose to fresh 2016 high of $43.46 levels on optimism major
producers may reach a production freeze accord this Sunday.
Major
oil producers (OPEC and non-OPEC) excluding United States are scheduled
to meet in Qatar's capital Doha next Sunday. Markets expect producers
to freeze output at January levels, which means the markets would still
remain oversupplied by about 2 million barrels per day.
The
optimism surrounding the meeting Doha is likely to keep prices well
supported ahead of the US API weekly inventory data due for release
later today.
Brent Technical Levels
Immediate
resistance is seen at $44.79 (Dec 4 high), above which prices could
test hurdle at $46.47 (Nov 25 high). On the other hand, a break below
$42.52 (Mar 18 low) would expose $41.48 (5-DMA).
(Market News Provided by FXstreet)
