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11 May 2015
Brent Crude ignores Chinese stimulus
FXStreet (Mumbai) - Brent Crude prices ignored the interest rate cut in China to trade with moderate losses on the back of a stronger US dollar.
Strong USD weighs
A stronger US dollar following the positive US non-farm payrolls last week put pressure on oil prices on Monday. The USD index rose 0.32% to trade at 95.21. Earlier today in the Asian session, prices rose to a high of USD 65.70/barrel, before falling to an intraday low of USD 64.47/barrel.
However, the losses were restricted after the Reuters data confirmed China as the top importer of Crude in the world in April. The news saw prices recover slightly to trade closer to USD 65.00/barrel.
Brent Crude Technical Levels
The immediate resistance is located at 65.70, above which gains could be extended to 66.85 (200-DMA). On the flip side, a break below 64.20-63.89 could drive the prices lower to 62.50 levels.
Strong USD weighs
A stronger US dollar following the positive US non-farm payrolls last week put pressure on oil prices on Monday. The USD index rose 0.32% to trade at 95.21. Earlier today in the Asian session, prices rose to a high of USD 65.70/barrel, before falling to an intraday low of USD 64.47/barrel.
However, the losses were restricted after the Reuters data confirmed China as the top importer of Crude in the world in April. The news saw prices recover slightly to trade closer to USD 65.00/barrel.
Brent Crude Technical Levels
The immediate resistance is located at 65.70, above which gains could be extended to 66.85 (200-DMA). On the flip side, a break below 64.20-63.89 could drive the prices lower to 62.50 levels.