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Brent Crude hovers near two-year lows

FXStreet (Mumbai) - Brent Crude is trading near a two-year low of USD 90.76 hit earlier today after the International Monetary Fund published its disappointing global growth forecasts.

Moreover, the prices have slid below USD 92/barrel, a level most Arab Oil and Petroleum Exporting Countries (OPEC) members need to balance their budgets. Hence, speculations are rife that the OPEC group may cut its output. Iran's oil ministry Website said OPEC will tolerate the oil price fall "until OPEC majors [decide] to cut their production." "For the moment, there is no plan for an OPEC emergency meeting," it added. The organization's next gathering is to be held on Nov. 27 in Vienna.

Brent crude prices also got a bearish rub-off from the weaker equities in Asia. Meanwhile, the government report in the US today could show a rise in crude stockpiles.

Brent technical levels

Brent has a strong support of 89.56 (low of July 2012) while the resistance is located at 91.45.

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