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5 Dec 2014
Brent oil slips, trades under USD 70/barrel
FXStreet (Mumbai) - Oil prices fell on both sides of the Atlantic, extending previous session losses after Saudi Arabia cut monthly oil prices to customers in Asia and in the US.
At the time of writing, Brent crude trades just under USD 70 at USD 69.32/barrel, while its US counterpart trades at USD 66.51/barrel, both down by -0.46%. The fall in crude price was exacerbated on continued bearish supply and price signals after Saudi Arabia’s state-run oil company lowered official selling prices for its crude in January to the lowest in at least 14 years for buyers in the U.S. and Asia.
Crude oil prices also remains pressured on a stronger US dollar ahead of key U.S. jobs data.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 70, above which gains could be extended to 70.60 (Dec 4 High) levels. Meanwhile, support is seen at 68.81 (Dec 4 Low) and from here to 68.20 (Nov 30 Low) levels.
At the time of writing, Brent crude trades just under USD 70 at USD 69.32/barrel, while its US counterpart trades at USD 66.51/barrel, both down by -0.46%. The fall in crude price was exacerbated on continued bearish supply and price signals after Saudi Arabia’s state-run oil company lowered official selling prices for its crude in January to the lowest in at least 14 years for buyers in the U.S. and Asia.
Crude oil prices also remains pressured on a stronger US dollar ahead of key U.S. jobs data.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 70, above which gains could be extended to 70.60 (Dec 4 High) levels. Meanwhile, support is seen at 68.81 (Dec 4 Low) and from here to 68.20 (Nov 30 Low) levels.