22 Dec 2014
Brent Oil holds above USD 62
FXStreet (Mumbai) - Brent crude oil slide in the Asian session, erasing gains from the previous session, on growing expectations that Brent oil is likely to sustain above USD 60/ barrel.
Currently, Brent oil trades at USD 62.02/ barrel, down -0.30% on the day. Crude oil is likely to garner support from stronger Asian equities amid drawing liquidity ahead of Christmas holidays this week. Oil prices may also found support from Saudi Arabian Oil Minister Ali Al-Naimi’s comments that even though the global economic slowdown weighs on demand, he remained optimistic that the market would eventually balance itself out.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 62.60 (Today’s High), above which gains could be extended to 63.70 (Dec 18 High) levels. Meanwhile, support is seen at 61.38 (Dec 19 Close) levels from here losses could be extended to sub 61 levels.
Currently, Brent oil trades at USD 62.02/ barrel, down -0.30% on the day. Crude oil is likely to garner support from stronger Asian equities amid drawing liquidity ahead of Christmas holidays this week. Oil prices may also found support from Saudi Arabian Oil Minister Ali Al-Naimi’s comments that even though the global economic slowdown weighs on demand, he remained optimistic that the market would eventually balance itself out.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 62.60 (Today’s High), above which gains could be extended to 63.70 (Dec 18 High) levels. Meanwhile, support is seen at 61.38 (Dec 19 Close) levels from here losses could be extended to sub 61 levels.