Close to record levels, natural resources extraction still influences Brent crude oil prices. Last week, US oil production rose by 9.6 million barrels a day. Gasoline and distillate inventories figures, which rose to 680.000 and 1.84 million barrels, have negative impact on crude oil prices.
The nearest resistance level is 63.67. If the price breaks through it, long positions should be opened with target at 64.80 (MA200), this is the key level, which is difficult to overcome.
Support and resistance
The nearest resistance level is 63.67 - 3/8 Murray level.
Support level is 63.28 - 2/8 Murray level.
Open long positions after the breakout of 63.67 with protective order at about 63.00 and target at 64.75.