19 Dec 2014
Brent trades below USD 60/barrel
FXStreet (Mumbai) - Brent prices hover near 5-1/2 year lows, below USD 60/barrel, as concerns of oversupply show little signs of receding.
Brent Crude for February delivery traded 0.46% lower at USD 59.42/barrel, compared to the previous session’s close of USD 59.27/barrel. Some buying interest was seen this week, although most of it was on account of short covering, said analysts. Moreover, oil companies have announced cuts in exploration and capital spending, despite which the concerns of oversupply continue to weigh over crude prices.
Brent Crude Technical Levels
The immediate support is seen at 59.17, under which prices can test 58.60 levels. Meanwhile, resistance is seen at 60.00 and 61.18 levels.
Brent Crude for February delivery traded 0.46% lower at USD 59.42/barrel, compared to the previous session’s close of USD 59.27/barrel. Some buying interest was seen this week, although most of it was on account of short covering, said analysts. Moreover, oil companies have announced cuts in exploration and capital spending, despite which the concerns of oversupply continue to weigh over crude prices.
Brent Crude Technical Levels
The immediate support is seen at 59.17, under which prices can test 58.60 levels. Meanwhile, resistance is seen at 60.00 and 61.18 levels.