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Brent Crude heads for a fourth weekly loss

FXStreet (Mumbai) - Brent prices are trading marginally above USD 86/barrel today after a positive factory output data in the US buoyed financial markets.

Brent Crude for December delivery is trading 25 cents up at USD 86.06/barrel at the time of writing. However, the prices are heading for a fourth weekly loss in a row. Prices hit a 4-year low earlier this week on concerns of excess supply and weak demand from Europe to China.

Moreover, the Organization of Petroleum Exporting Countries’ (OPEC) inaction in the face of a four-month rout further pressurized prices this week. This had led many analysts on the Wall Street to revise their price targets lower by more than USD 10.

Crude prices may stay strong going into the weekend as the prices get a positive “rub-off” from the rally in the equity markets.

Brent Crude Technical levels

Brent Crude has an immediate resistance of 86.81, above which prices can rally to 87.97 levels. On the flip side, prices can fall to 84.63 levels if the support level of 84.49 is breached.

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