FXStreet (Mumbai) – Brent oil prices trade steady around USD 63.40/barrel, after having rebounded from its 200-DMA in the previous session.
Gains capped by strong USD
Crude prices clocked a high of USD 63.64/barrel, before erasing part of its gains on the back of a strong US dollar. The dollar index was up 0.7%, while the EUR shed 1% against the USD. However, the prices managed to stay in green after the data in the EU showed private sector activity rising to 4-year high in June.
Oil traders now await the American Petroleum Institute weekly inventory data. The US government’s Energy Information Administration will publish its own inventory data on Wednesday.
Brent Oil Technical Levels
The immediate resistance is seen at 63.71 (previous session’s high), above which gains could be extended to 64.87(50-DMA). On the other hand, a break below 63.28 (5-DMA) could see the futures target 62.68 (June 9 low).
(Market News Provided by FXstreet)