Brent clocks 3-1/2 month high

Brent prices clocked more than three month high of $42.43 on increased possibility of OPEC and non-OPEC production freeze and dollar weakness.

Poised for fourth straight weekly gain

Futures are on track to end higher for the fourth straight week, courtesy of sharp sell-off in USD and optimism that major producers may reach production freeze accord in April irrespective of Iran’s participation.

Prices were grappling with a key technical hurdle of $41.46 (Mar 8 high) before finally chewing through the same on the back of dollar weakness. Traders now await US weekly rig count release.

Brent Technical Levels

The immediate hurdle is noted at $43.13 (Nov 16 low), above which prices could test $44.79 (Dec 4 high). On the other hand, a break below $42.19 (Aug 24 low) would expose support at $41.46 (Mar 8 high).

Brent prices clocked more than three month high of $42.43 on increased possibility of OPEC and non-OPEC production freeze and dollar weakness.

(Market News Provided by FXstreet)