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1 Feb 2016
Brent oil drops after four day winning streak
FXStreet (Mumbai) - Brent oil prices fell in Asia and remain weak in early Europe after China PMI showed a very less likelihood of a demand driven recovery in the prices in the near-term.
As of now, Brent futures are trading 2% or 73 cents lower at USD 35.30/barrel. Chinese manufacturing PMI - official and Caixin – remained well below 50.00; which means contraction in the activity. Furthermore, Shanghai Composite fell more than 1.5%, while the PBOC fixed a weaker Yuan for the first time in seven trading days.
The resulting risk-off also kept oil prices under pressure.
Brent Technical Levels
The immediate resistance is seen at 36.14 (Jan 29 high), above which the prices could test 36.95 (50-DMA). On the other hand, a break below 34.75 (hourly 50-MA) would open doors for a drop to 33.01 (hourly 100-MA).
As of now, Brent futures are trading 2% or 73 cents lower at USD 35.30/barrel. Chinese manufacturing PMI - official and Caixin – remained well below 50.00; which means contraction in the activity. Furthermore, Shanghai Composite fell more than 1.5%, while the PBOC fixed a weaker Yuan for the first time in seven trading days.
The resulting risk-off also kept oil prices under pressure.
Brent Technical Levels
The immediate resistance is seen at 36.14 (Jan 29 high), above which the prices could test 36.95 (50-DMA). On the other hand, a break below 34.75 (hourly 50-MA) would open doors for a drop to 33.01 (hourly 100-MA).