28 Nov 2014
Brent Crude to register a fifth monthly drop
FXStreet (Mumbai) - Brent Crude prices continue to fall today to hit fresh multi-year lows after the Organization of Petroleum Exporting Countries (OPEC) group decided not to cut supplies, despite calls from the weaker members of the group to cut production and support the prices.
Brent Crude for January delivery traded 0.72% lower at USD 72.04/barrel at the time of writing. Prices hit a fresh four-year low of USD 71.23/barrel earlier today, before recovering to trade at USD 72.00/barrel. The commodity is on its way to register a fifth monthly drop after the OPEC group decided to hold production levels unchanged at 30 million barrels per day as first agreed in December 2011.
Moreover, OPEC secretary general Abdallah Salem el-Badri said, “There's a price decline. That does not mean that we should really rush and do something." His statement is likely to erase any hope of future cuts in the production by the OPEC group.
Brent Crude Technical Levels
The commodity has an immediate support located at 70.50 (June 2010 low), under which prices could fall to 68.15 (May 2010 low). Meanwhile, resistance is seen at 73.22 and 74.41 levels.
Brent Crude for January delivery traded 0.72% lower at USD 72.04/barrel at the time of writing. Prices hit a fresh four-year low of USD 71.23/barrel earlier today, before recovering to trade at USD 72.00/barrel. The commodity is on its way to register a fifth monthly drop after the OPEC group decided to hold production levels unchanged at 30 million barrels per day as first agreed in December 2011.
Moreover, OPEC secretary general Abdallah Salem el-Badri said, “There's a price decline. That does not mean that we should really rush and do something." His statement is likely to erase any hope of future cuts in the production by the OPEC group.
Brent Crude Technical Levels
The commodity has an immediate support located at 70.50 (June 2010 low), under which prices could fall to 68.15 (May 2010 low). Meanwhile, resistance is seen at 73.22 and 74.41 levels.