Current trend

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.

Trading tips

Short positions can be opened from the level of 30.65 with the target at 28.20 and stop-loss at 31.00.

Brent: general review

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback