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12 Mar 2015
Brent back below USD 58.00/barrel
FXStreet (Mumbai) - Brent prices are back below USD 58/barrel as the US dollar index recovered part of its losses.
Brent supported by unrest in the middle east
Iraqi security forces and mainly Shi'ite militia exchanged fire with Islamic State fighters in Tikrit on Thursday, a day after pushing into Saddam Hussein's home city in their biggest offensive yet against the militants.
Prices had rose above USD 58.00/barrel as the USD had weakened after the retail sales contracted for the third month in a row. However, the weakness in the USD index was short lived as the greenback made a comeback on an upbeat weekly jobless claims data. The USD index recovered from the low of 98.65 to trade higher at 99.20 levels. Consequently, Brent futures were pushed below USD 58.00/barrel.
Brent Crude Technical Levels
The April futures currently trade at USD 57.90/barrel, up 0.74% for the day. The immediate resistance is seen at 58.06, above which gains could be extended to 58.70 levels. On the flip side, support is seen at 57.60 and 57.00 levels.
Brent supported by unrest in the middle east
Iraqi security forces and mainly Shi'ite militia exchanged fire with Islamic State fighters in Tikrit on Thursday, a day after pushing into Saddam Hussein's home city in their biggest offensive yet against the militants.
Prices had rose above USD 58.00/barrel as the USD had weakened after the retail sales contracted for the third month in a row. However, the weakness in the USD index was short lived as the greenback made a comeback on an upbeat weekly jobless claims data. The USD index recovered from the low of 98.65 to trade higher at 99.20 levels. Consequently, Brent futures were pushed below USD 58.00/barrel.
Brent Crude Technical Levels
The April futures currently trade at USD 57.90/barrel, up 0.74% for the day. The immediate resistance is seen at 58.06, above which gains could be extended to 58.70 levels. On the flip side, support is seen at 57.60 and 57.00 levels.