20 Feb 2015
Brent oil rebounds from daily low
FXStreet (Mumbai) - Brent Crude futures contract for April delivery recovered from the low of USD 60.20/barrel to trade at 60.53/barrel; up 0.79% for the day.
Gains capped by record high stocks in the US
The recovery in Brent Crude appears stalled around USD 60.50-60.60 levels after the US government data showed crude stocks hit a record high last week. Commercial crude oil inventories rose by 7.7 million to a record 425.64 million barrels in the week ended Feb. 13, said the US Energy Information Administration. Moreover, the weekly addition to the inventories was the biggest on record. Analysts were expecting inventories to rise by 3.2 million barrels.
Brent Oil Technical Levels
The immediate resistance is seen at 60.59 (Feb. 9 high), above which gains could be capped at 62.14 (Dec. 23 high). On the flip side, a break below 60.00 levels could push the pair down to 59.25 (Feb. 18 low).
Gains capped by record high stocks in the US
The recovery in Brent Crude appears stalled around USD 60.50-60.60 levels after the US government data showed crude stocks hit a record high last week. Commercial crude oil inventories rose by 7.7 million to a record 425.64 million barrels in the week ended Feb. 13, said the US Energy Information Administration. Moreover, the weekly addition to the inventories was the biggest on record. Analysts were expecting inventories to rise by 3.2 million barrels.
Brent Oil Technical Levels
The immediate resistance is seen at 60.59 (Feb. 9 high), above which gains could be capped at 62.14 (Dec. 23 high). On the flip side, a break below 60.00 levels could push the pair down to 59.25 (Feb. 18 low).