Brent continues recovery on talk of OPEC and non-OPEC meeting

Brent oil recovery from the daily lows continues after the talk of OPEC and non-OPEC meeting hit the wires.

Trades above $34.00

Prices trade just above $34/barrel after recovering from the daily low of $33.51 levels. Brent weakened in early Europe as traders shifted their focus back to OPEC’s reluctance to cut production. But, the bearish momentum ran out of steam and prices began to recover.

At $34.22, futures are just couple of points short from turning positive on the day. A positive closing today would put an end to the ongoing tug of war between the bulls and bears (seen on the daily chart). 

Brent Technical Levels

The immediate resistance is seen at 34.64 (previous day’s high), above which prices could rise to 35.71 (Feb 18 high). On the other hand, a breakdown of immediate support at 32.88 (Tuesday’s low) would open doors for a drop to 32.34 (previous day’s low).