15 Jun 2015
Brent crude prices dropped 1%
FXStreet (Mumbai) - Brent prices fell on Monday as the USD index strengthened due to safe haven demand for treasuries amid Greek deal impasse.
Brent trades below 200-DMA
A stronger USD made crude prices expensive in non-dollar terms, thereby pushing Brent futures below 200-DMA currently located at USD 62.90/barrel. The USD index currently trades 0.68% higher at USD 95.60 levels.
Prices also fell due to increasing concerns of excess supply as the OPEC continues to pump almost 2 million barrels per day (bpd). Meanwhile, production is also increasing in Libya. Brent futures are down 1.59% to trade at USD 62.56/barrel.
Brent Crude Technical Levels
The immediate resistance is located at 62.90 (200-DMA), above which prices face another resistance at 63.60 (10-DMA). On the flip side, a break below 62.43 could drive the prices lower to 61.42 (100-DMA).
Brent trades below 200-DMA
A stronger USD made crude prices expensive in non-dollar terms, thereby pushing Brent futures below 200-DMA currently located at USD 62.90/barrel. The USD index currently trades 0.68% higher at USD 95.60 levels.
Prices also fell due to increasing concerns of excess supply as the OPEC continues to pump almost 2 million barrels per day (bpd). Meanwhile, production is also increasing in Libya. Brent futures are down 1.59% to trade at USD 62.56/barrel.
Brent Crude Technical Levels
The immediate resistance is located at 62.90 (200-DMA), above which prices face another resistance at 63.60 (10-DMA). On the flip side, a break below 62.43 could drive the prices lower to 61.42 (100-DMA).