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26 Feb 2016
Brent oil clocks one-month high
Brent oil prices clocked a one-month high of $36.14/barrel on hopes the OEPC and non-OPEC producers would sign production freeze accord in March.
Eyes US rig count data
Russian oil minister informed markets on Thursday that oil ministers from major OPEC and non-OPEC producers are planning to meet in March and Russia shall attend the same. The hope rally helped oil recover losses and rise to one-month high.
Oil traders now await the US rig count data released by Baker Hughes every Friday. A drop in rig count could see oil gain further ground ahead of the NY closing.
Brent Technical Levels
Brent currently trades around $35.75/barrel. A break above the immediate hurdle at 36.14 (daily high) would open doors for a rally to 38.07 (Dec 24 high). On the other hand, a breakdown of immediate support at 35.08 (Feb 23 high) could send futures back to 33.59 (50-DMA) levels.
Eyes US rig count data
Russian oil minister informed markets on Thursday that oil ministers from major OPEC and non-OPEC producers are planning to meet in March and Russia shall attend the same. The hope rally helped oil recover losses and rise to one-month high.
Oil traders now await the US rig count data released by Baker Hughes every Friday. A drop in rig count could see oil gain further ground ahead of the NY closing.
Brent Technical Levels
Brent currently trades around $35.75/barrel. A break above the immediate hurdle at 36.14 (daily high) would open doors for a rally to 38.07 (Dec 24 high). On the other hand, a breakdown of immediate support at 35.08 (Feb 23 high) could send futures back to 33.59 (50-DMA) levels.