Brent offered above $30, back below 5-DMA

FXStreet (Mumbai) – Brent futures ran into offers at a high of USD 30.22/barrel and fell back below USD 30/barrel as sentiment remains bearish on prospects of fresh Iranian oil supplies.

Stuck between hourly 50-MA and hourly 100-MA

At USD 29.50, the futures are trading between the hourly 50-MA and hourly 100-MA located at 28.99 and 29.82 levels respectively.

Futures rallied earlier today to a high of USD
30.22/barrel after Asian markets responded positively to the Chinese economic data. The monthly report from the International Energy Agency (IEA) failed to have any major impact on the oil prices.

Brent Technical Levels

The immediate resistance is seen at 29.82 (hourly 100-MA), above which the prices could rise to 30.22 (daily high). On the other hand, a break below 28.99 (hourly 50-MA) could see prices revisit 27.69 (previous day’s low).

Brent futures ran into offers at a high of USD 30.22/barrel and fell back below USD 30/barrel as sentiment remains bearish on prospects of fresh Iranian oil supplies.

(Market News Provided by FXstreet)