6 May 2015
Brent rises to fresh 2015 high
FXStreet (Mumbai) - Brent Crude futures rose to a fresh 2015 high of USD 69.11/barrel on Wednesday on signs of slowdown in Libyan exports.
Libyan exports hampered, Saudi raises prices
Brent prices received a boost as protests stopped crude flows to the eastern Libyan oil port of Zueitina, hampering exports. Libyan oil output is below 500,000 barrels per day (bpd), officials say, a third of what the country pumped before 2010.
Meanwhile, Saudi Arabia raised its official selling prices for its Arab Light grade crude to the United States and Northwest Europe, pointing to strong demand in those regions.
Crude supply data awaited
The Energy Information Administration will publish it official report on US oil inventories. A Reuters poll on Monday said commercial crude stocks may have risen by nearly 2 million barrels last week, building for a record 17th straight week.
Brent Crude Technical Levels
Futures currently trade at USD 68.93/barrel. The immediate resistance is located at 69.77, above which gains could be extended to 72.98. On the flip side, a break below 67.53 (200-DMA) could push prices back to 66.00.
Libyan exports hampered, Saudi raises prices
Brent prices received a boost as protests stopped crude flows to the eastern Libyan oil port of Zueitina, hampering exports. Libyan oil output is below 500,000 barrels per day (bpd), officials say, a third of what the country pumped before 2010.
Meanwhile, Saudi Arabia raised its official selling prices for its Arab Light grade crude to the United States and Northwest Europe, pointing to strong demand in those regions.
Crude supply data awaited
The Energy Information Administration will publish it official report on US oil inventories. A Reuters poll on Monday said commercial crude stocks may have risen by nearly 2 million barrels last week, building for a record 17th straight week.
Brent Crude Technical Levels
Futures currently trade at USD 68.93/barrel. The immediate resistance is located at 69.77, above which gains could be extended to 72.98. On the flip side, a break below 67.53 (200-DMA) could push prices back to 66.00.