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20 Apr 2015
Brent back below USD 64/barrel
FXStreet (Mumbai) - Brent prices pared gains to trade below USD 64/barrel, after having set a session high of USD 64.29/barrel.
Prices supported by Chinese stimulus measure
Prices remain well supported after the China's central bank cut the amount of cash that banks must hold as reserves on Sunday. Meanwhile, the falling rig count in the US also helped the prices rise to a high of USD 64.29 earlier today. US oil drilling rigs fell for a record 19th straight week to the lowest since 2010, data from Baker Hughes showed.
Brent reached its highest this year last Thursday, sparked by an escalating conflict in Yemen and due to the weakness in the US dollar.
Brent Technical Levels
The immediate support is located at 63.54 (5-DMA), under which losses could be extended to 62.50. On the flip side, a break above the daily high of 64.29 could push the prices higher to 64.83 (2015 high).
Prices supported by Chinese stimulus measure
Prices remain well supported after the China's central bank cut the amount of cash that banks must hold as reserves on Sunday. Meanwhile, the falling rig count in the US also helped the prices rise to a high of USD 64.29 earlier today. US oil drilling rigs fell for a record 19th straight week to the lowest since 2010, data from Baker Hughes showed.
Brent reached its highest this year last Thursday, sparked by an escalating conflict in Yemen and due to the weakness in the US dollar.
Brent Technical Levels
The immediate support is located at 63.54 (5-DMA), under which losses could be extended to 62.50. On the flip side, a break above the daily high of 64.29 could push the prices higher to 64.83 (2015 high).