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Brent Crude at lowest level since November 2010

FXStreet (Mumbai) - Brent prices tanked today to a level not seen since the November of 2010. The Prices hit a low of USD 83.74/barrel at the start of the European session today.

Brent Crude is trading at 1.19% lower at USD 80.87/barrel at the time of writing. Moreover, the prices resumed the decline after the International Energy Agency (IEA) said in a report yesterday that the Oil consumption will rise by about 650,000 barrels a day this year, 250,000 fewer than the prior estimate.

Moreover, the buying interest fails to emerge as the Organization of Petroleum Exporting Countries (OPEC) has so far refrained from announcing a reduction in the output levels; despite a fall of more than 20% in prices since June.

Brent Crude Technicals

Brent Crude has an immediate support of 82.85, while the immediate resistance is located at 85.89 levels, above which prices can rally to 87.62 levels.

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