18 Jan 2016
Brent oil: Gap filling underway, trades above $29/barrel
FXStreet (Mumbai) - Brent prices recovered from Asian session lows and are now trading around USD 29/barrel.
Prices are filling the gap created after the futures opened at USD 28.11 compared to Friday’s close of USD 29.22. Oil prices at both the sides of the Atlantic witnessed a gap down opening in early Asia as investors priced-in an increase in Iranian oil supplies after sanction were lifted over the weekend.
Brent futures currently trade 0.35% or 10 cents higher on the day at USD 29.15/barrel. Across the pond, WTI futures also trade 0.25% or 7 cents higher at USD 30.54/barrel.
Brent oil Technical Levels
The immediate resistance is seen at 29.94 (Jan 13 low)-30.00, breach of which could take the futures higher to 32.14 (Jan 7 low). On the other side, support is seen at 28.69 (hourly chart support), under which the pair could revisit 27.69.
Prices are filling the gap created after the futures opened at USD 28.11 compared to Friday’s close of USD 29.22. Oil prices at both the sides of the Atlantic witnessed a gap down opening in early Asia as investors priced-in an increase in Iranian oil supplies after sanction were lifted over the weekend.
Brent futures currently trade 0.35% or 10 cents higher on the day at USD 29.15/barrel. Across the pond, WTI futures also trade 0.25% or 7 cents higher at USD 30.54/barrel.
Brent oil Technical Levels
The immediate resistance is seen at 29.94 (Jan 13 low)-30.00, breach of which could take the futures higher to 32.14 (Jan 7 low). On the other side, support is seen at 28.69 (hourly chart support), under which the pair could revisit 27.69.