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4 May 2015
Brent rises to fresh 2015 highs
FXStreet (Mumbai) - The Brent crude prices rose to a fresh 2015 high of USD 66.95/barrel a few minutes ago, despite weak china factory output data released earlier today.
Brent prices ignored China data
A private business survey released earlier today showed the Chinese manufacturing PMI registered its biggest yearly drop to 48.9 in April. However, the prices rose to a 2015 high of USD 66.95/barrel. Meanwhile, gains could be capped ahead due to concerns of supply glut. Oil supplies from the Organization of the Petroleum Exporting Countries, which produces about 40% of oil supplies, climbed 0.2% to a more than two-year high in April, a Reuters survey showed.
Brent Crude Technical Levels
The immediate resistance is seen at the psychological level of 67.00, above which gains could be extended to 67.50. On the flip side, support is seen at 66.64, under which losses could be extended to 66.16.
Brent prices ignored China data
A private business survey released earlier today showed the Chinese manufacturing PMI registered its biggest yearly drop to 48.9 in April. However, the prices rose to a 2015 high of USD 66.95/barrel. Meanwhile, gains could be capped ahead due to concerns of supply glut. Oil supplies from the Organization of the Petroleum Exporting Countries, which produces about 40% of oil supplies, climbed 0.2% to a more than two-year high in April, a Reuters survey showed.
Brent Crude Technical Levels
The immediate resistance is seen at the psychological level of 67.00, above which gains could be extended to 67.50. On the flip side, support is seen at 66.64, under which losses could be extended to 66.16.