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7 Jan 2015
Brent Oil falls below USD 50/barrel for the first time since May 2009
FXStreet (Mumbai) - Brent Oil prices fell below USD 50/barrel level today, a level last seen in May 2009, as concerns of supply glut continue to dominate market sentiment.
Brent Crude for February delivery fell to a low of USD 49.96/barrel, before recovering to trade at USD 50.10/barrel; down 1.96% for the day. Oil prices shed another 2% at both sides of the Atlantic today on fears of a slowdown in global economic growth and excess supply. Moreover, prices also failed to respond to Saudi Arabia’s decision to hike the cost of its Oil sales to the Asian consumers.
Brent Crude Technical Levels
The immediate support is seen at 49.70 and 49.00 levels. Meanwhile, resistance is seen at 50.23 and 50.53 levels.
Brent Crude for February delivery fell to a low of USD 49.96/barrel, before recovering to trade at USD 50.10/barrel; down 1.96% for the day. Oil prices shed another 2% at both sides of the Atlantic today on fears of a slowdown in global economic growth and excess supply. Moreover, prices also failed to respond to Saudi Arabia’s decision to hike the cost of its Oil sales to the Asian consumers.
Brent Crude Technical Levels
The immediate support is seen at 49.70 and 49.00 levels. Meanwhile, resistance is seen at 50.23 and 50.53 levels.