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12 Nov 2014
Brent Crude remains weak
FXStreet (Mumbai) - Oil markets continue the hunt for a bottom ahead of the release of US Department of Energy's (DOE) inventory data today.
Brent oil for January delivery is trading 0.24% lower at USD 81.13/barrel while, WTI Crude for December delivery is trading 0.76% lower at USD 77.34/barrel. Brent Crude prices were driven to a fresh 4-year low below USD 81 yesterday after the Organization of Petroleum Exporting Countries (OPEC) indicated there would not be a cut in the output this month.
Meanwhile, US Department of Energy's statistical arm the Energy Information Administration (EIA) will release its inventory data today. As per Reuters poll, the data is likely to show crude stocks rose 300,000 barrels on average last week.
Brent Crude Technical Levels
Brent Crude has an immediate support located at 80.82, under which the prices may fall to 80.48. On the flip side, resistance is seen at 81.32 and 82.00 levels.
Brent oil for January delivery is trading 0.24% lower at USD 81.13/barrel while, WTI Crude for December delivery is trading 0.76% lower at USD 77.34/barrel. Brent Crude prices were driven to a fresh 4-year low below USD 81 yesterday after the Organization of Petroleum Exporting Countries (OPEC) indicated there would not be a cut in the output this month.
Meanwhile, US Department of Energy's statistical arm the Energy Information Administration (EIA) will release its inventory data today. As per Reuters poll, the data is likely to show crude stocks rose 300,000 barrels on average last week.
Brent Crude Technical Levels
Brent Crude has an immediate support located at 80.82, under which the prices may fall to 80.48. On the flip side, resistance is seen at 81.32 and 82.00 levels.