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Brent falls 2.2%, hovers near 15-month lows

FXStreet (Mumbai) - Brent Crude Oil is trading weak today as the concerns of a slowdown in the global economy and excess oil supplies continue to dominate the market sentiment.

Brent Crude is trading lower by 2.15% at USD 88.63/barrel, inching closer to a 15-month low of USD 88.35 hit on 10th October. The slump in Crude prices has increased the probability of Oil Petroleum Exporting Countries (OPEC) reducing their output.

Meanwhile,The OPEC, on Friday, blamed speculators for the decline in the Crude oil prices. OPEC said that according to its secretariat, "the actions of speculators are again behind much of the price decline." As per the OPEC data, speculators had reduced their net long positions by nearly half in August and said the same players had been behind a sharp increase in prices in June.

Brent Crude Technical levels

Brent Crude has an immediate support of 88.35 (last week’s low), below which prices can fall to 87.44 levels. On the flip side, prices can rally to 91.40 levels if the immediate resistance of 89.74 is taken out.

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