13 Jul 2015
Brent Crude rises on OPEC demand forecasts
FXStreet (Mumbai) - Brent Crude prices rose by more than 60 cents after the OPEC raised 2016 demand forecasts in its latest monthly report.
The front month futures rose to a high of USD 58.88/barrel, before falling back slightly to USD 58.55/barrel. The OPEC sees world oil demand increasing by 1.34 million barrels per day (mbpd) in 2016. It raised Raises 2016 OPEC demand forecast by 860k to 30.07 mbpd.
However, the group cut its 2015 OPEC demand forecast by 100k to 29.21 mbpd. Consequently, the gains in the Brent oil could have been capped around USD 58.88/barrel.
Brent Oil Technical Levels
The immediate resistance is seen at 59.00, above which the futures could target 59.66 (Junly 10 high). On the flip side, a break below the immediate support at 57.88 (July 10 low) could see the futures target the daily low at 57.18.
The front month futures rose to a high of USD 58.88/barrel, before falling back slightly to USD 58.55/barrel. The OPEC sees world oil demand increasing by 1.34 million barrels per day (mbpd) in 2016. It raised Raises 2016 OPEC demand forecast by 860k to 30.07 mbpd.
However, the group cut its 2015 OPEC demand forecast by 100k to 29.21 mbpd. Consequently, the gains in the Brent oil could have been capped around USD 58.88/barrel.
Brent Oil Technical Levels
The immediate resistance is seen at 59.00, above which the futures could target 59.66 (Junly 10 high). On the flip side, a break below the immediate support at 57.88 (July 10 low) could see the futures target the daily low at 57.18.