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16 Dec 2014
Oil dives deeper in red
FXStreet (Mumbai) - Both Crude oil benchmarks continued to fall amid oversupply worries and falling emerging market currencies which raised fresh concerns over global economic outlook.
Currently, Brent oil trades at USD 59.45/ barrel and WTI crude oil trades at USD 54.88/ barrel, both losing about 2.6%, on the day. Brent crude oil broke below USD 60.00/barrel today for the first time since July 2009. Contraction in Chinese manufacturing sector and falling prices pressures in UK added to the demand concerns, which also dragged the prices even lower.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 60.23 (10-day SMA), above which gains could be extended to 60.70 (20-day SMA) levels. Meanwhile, support is seen at 59 levels and from here to 49.96 (May 2009) levels
Currently, Brent oil trades at USD 59.45/ barrel and WTI crude oil trades at USD 54.88/ barrel, both losing about 2.6%, on the day. Brent crude oil broke below USD 60.00/barrel today for the first time since July 2009. Contraction in Chinese manufacturing sector and falling prices pressures in UK added to the demand concerns, which also dragged the prices even lower.
Crude Oil Technical Levels
Brent oil has an immediate resistance which stands at 60.23 (10-day SMA), above which gains could be extended to 60.70 (20-day SMA) levels. Meanwhile, support is seen at 59 levels and from here to 49.96 (May 2009) levels