Brent Crude Oil Under Pressure
LiteForex | Apr 24, 2017 12:44PM ET
The Brent crude oil price is still under pressure, closing Friday at 51.88.
The main pressuring factor is the US production growth. On Friday, Baker Hughes reported that the count of oil rigs increased again, which may lead to further production growth.
Before the OPEC meeting, investors doubted that oil-exporting countries will continue the oil production limitation agreement. Even in the case of positive results of the meeting, attempts to lower supply in the market will be negated by the USA's growing oil production.
Today the price is correcting on the heels of France's election.
On the 4-hour chart the “bears” can meet strong resistance of 52.90. MACD is trying to rise above the signal line, its volumes are decreasing, Stochastic is pointed upwards, being in the neutral zone. The indicators give a weak buy signal.
- Support levels: 51.90, 51.00, 49.85
- Resistance levels: 52.90, 53.75, 54.50
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