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16 Dec 2014
Oil prices continue bearish momentum
FXStreet (Mumbai) - Both Crude oil benchmarks extended their long run of losses and traded subdued in the European morning amid worsening global economic conditions.
Currently, Brent oil trades at USD 60.82/ barrel mildly gaining +0.17% and WTI crude oil trades at USD 55.97/ barrel losing -0.58%, on the day. Worse-than expected Chinese manufacturing data released in the morning added to the ongoing downside in crude oil prices. Over the weekend, United Arab Emirates Energy Minister Suhail Mohamed Faraj Al Mazrouei confirmed that OPEC would not lower output levels, even if oil prices fall below $40 a barrel.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 61.77 (Dec 14 High), above which gains could be extended to 63.94 (Dec 12 High) levels. Meanwhile, support is seen at 60.40 (Dec 15 Low), from here losses could be extended to sub 60 levels.
Currently, Brent oil trades at USD 60.82/ barrel mildly gaining +0.17% and WTI crude oil trades at USD 55.97/ barrel losing -0.58%, on the day. Worse-than expected Chinese manufacturing data released in the morning added to the ongoing downside in crude oil prices. Over the weekend, United Arab Emirates Energy Minister Suhail Mohamed Faraj Al Mazrouei confirmed that OPEC would not lower output levels, even if oil prices fall below $40 a barrel.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 61.77 (Dec 14 High), above which gains could be extended to 63.94 (Dec 12 High) levels. Meanwhile, support is seen at 60.40 (Dec 15 Low), from here losses could be extended to sub 60 levels.