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21 Apr 2015
Brent crude steadies around USD 63.00/barrel
FXStreet (Mumbai) - Brent prices trade steady around USD 63.00/barrel on Tuesday as losses have been capped by worries that a civil war in Yemen could affect oil supplies.
Supply data awaited
Geopolitics is supporting oil at the moment, although the global oil market remains oversupplied. The weekly inventory data in the US is expected to show crude oil inventories increased by 2.4 million barrels last week, rising for the 15th consecutive week.
Brent Crude futures currently trade at USD 63.05/barrel, after having recovered from the low of USD 62.64/barrel.
Brent Crude Technical Levels
The immediate resistance is located at 63.54 (5-DMA), above which gains could be extended to 64.35 levels. On the flip side, a break below 62.50 could drive the prices lower to 61.30 (10-DMA).
Supply data awaited
Geopolitics is supporting oil at the moment, although the global oil market remains oversupplied. The weekly inventory data in the US is expected to show crude oil inventories increased by 2.4 million barrels last week, rising for the 15th consecutive week.
Brent Crude futures currently trade at USD 63.05/barrel, after having recovered from the low of USD 62.64/barrel.
Brent Crude Technical Levels
The immediate resistance is located at 63.54 (5-DMA), above which gains could be extended to 64.35 levels. On the flip side, a break below 62.50 could drive the prices lower to 61.30 (10-DMA).