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17 Apr 2015
Brent Crude drops below USD 64.00/barrel
FXStreet (Mumbai) - Brent prices fell below USD 64.00/barrel in the European session on Friday as rising supplies from Saudi and OPEC group as a whole overshadowed the slowdown in the US output.
Second straight week of gains almost confirmed
Thought prices have dropped from 2015 highs, the weekly gains are almost confirmed. Prices have rallied from the low of USD 57.43/barrel to a high of USD 64.83/barrel, before inching lower to the current level of USD 63.30/barrel. Persistent weakness in the USD since the beginning of the current week, coupled with signs of slowdown in the US production helped prices rally.
However, gains were capped after Saudi Arabia record output in March. The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report that its March production jumped 810,000 barrels per day (bpd) to 30.79 million bpd, led by Saudi Arabia.
The record high output from Saudi and OPEC group as a whole could delay supply restrained recovery in prices.
Brent Crude Technical Levels
The immediate resistance is seen at 63.63, above which gains could be extended to 64.83 (2015 high). On the flip side, a break below 62.96 could drive the prices lower to 61.48.
Second straight week of gains almost confirmed
Thought prices have dropped from 2015 highs, the weekly gains are almost confirmed. Prices have rallied from the low of USD 57.43/barrel to a high of USD 64.83/barrel, before inching lower to the current level of USD 63.30/barrel. Persistent weakness in the USD since the beginning of the current week, coupled with signs of slowdown in the US production helped prices rally.
However, gains were capped after Saudi Arabia record output in March. The Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report that its March production jumped 810,000 barrels per day (bpd) to 30.79 million bpd, led by Saudi Arabia.
The record high output from Saudi and OPEC group as a whole could delay supply restrained recovery in prices.
Brent Crude Technical Levels
The immediate resistance is seen at 63.63, above which gains could be extended to 64.83 (2015 high). On the flip side, a break below 62.96 could drive the prices lower to 61.48.