5 Mar 2015
Iran news supports Brent prices
FXStreet (Mumbai) - Brent Crude prices rose above USD 61/barrel as investors choose to focus on the lack of a deal in talks over Iran’s nuclear program. The bearish crude inventory data in the US were largely ignored by the markets.
Brent Crude: Gains capped at 100-DMA
The prices are struggling to extend gains above the 100-DMA located at USD 61.24. Oil prices rose after Tehran's ambassador to the International Atomic Energy Agency (IAEA) said on Wednesday no deal had been reached with world powers on Iran's program. The news, to some extent, calmed fears of increased supplies from Iran.
However, prices are still unable to extend gains above the 100-DMA as overall situation of excess supply still remains in place. The US government data showed yesterday that crude stockpiles hit a record high, rising 10.3 million barrels last week.
Brent Crude Technical Levels
Brent futures currently trade 1% higher at USD 61.18/barrel. The immediate resistance is seen at 61.24, above which prices could rise to 62.96 (Feb. 17 high). On the other hand, support is seen at 60.226 and 59.32 levels.
Brent Crude: Gains capped at 100-DMA
The prices are struggling to extend gains above the 100-DMA located at USD 61.24. Oil prices rose after Tehran's ambassador to the International Atomic Energy Agency (IAEA) said on Wednesday no deal had been reached with world powers on Iran's program. The news, to some extent, calmed fears of increased supplies from Iran.
However, prices are still unable to extend gains above the 100-DMA as overall situation of excess supply still remains in place. The US government data showed yesterday that crude stockpiles hit a record high, rising 10.3 million barrels last week.
Brent Crude Technical Levels
Brent futures currently trade 1% higher at USD 61.18/barrel. The immediate resistance is seen at 61.24, above which prices could rise to 62.96 (Feb. 17 high). On the other hand, support is seen at 60.226 and 59.32 levels.