After a brief upward correction towards the level of 32.77, today in the European session the price of Brent crude oil continued falling.
The price remains under pressure due to excess of the supply on the market and falling demand amid slowing Chinese economy. In addition, a recent removal of ban on oil exports from Iran will likely lead to an increase in supply excess and may cause the price to fall to $26 per barrel.
Support and resistance
Support levels: 30.65, 30.00.
Resistance levels: 32.77.
Short positions can be opened from the level of 30.65 with the target at 28.20 and stop-loss at 31.00.