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20 May 2015
OPEC rejects China’s request for extra oil, Brent stays below USD 65.00/barrel
FXStreet (Mumbai) - As per Reuters reports, the Organization of Petroleum Exporting Countries (OPEC) rejected China’s request of supplying extra crude in the May and June, despite which the Brent futures have been unable to rise above USD 65.00/barrels.
The OPEC’s rejection to supply extra crude contradicts the repeated statement by the Saudi’s Oil Minister that his country and the OPEC would be ready to boost supplies if the clients ask for it.
The news failed to have any positive impact on Brent prices, which trade at USD 648.89/barrel. The commodity was offered earlier today at the daily high of USD 65.13/barrel.
Brent Technical Levels
The immediate support is located at 63.92, under which the futures could extend the drop to 62.00 (50-DMA). On the flip side, a break above 65.00 could drive the prices higher to 65.62 (200-DMA).
The OPEC’s rejection to supply extra crude contradicts the repeated statement by the Saudi’s Oil Minister that his country and the OPEC would be ready to boost supplies if the clients ask for it.
The news failed to have any positive impact on Brent prices, which trade at USD 648.89/barrel. The commodity was offered earlier today at the daily high of USD 65.13/barrel.
Brent Technical Levels
The immediate support is located at 63.92, under which the futures could extend the drop to 62.00 (50-DMA). On the flip side, a break above 65.00 could drive the prices higher to 65.62 (200-DMA).