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Brent Crude trades above USD 86.00

FXStreet (Mumbai) - Brent Crude it trading higher today as markets appear to have temporarily arrested the four months fall in the oil prices.

The prices had clocked a two straight session of gains on the last Thursday and Friday before falling on Monday on concerns that the Organization of the Petroleum Exporting Countries (OPEC) will maintain high production levels in order to compete for market share.

Brent crude prices are trading 1.04%higher at USD 86.29/Oz today, despite the Chinese Q3 2014 GDP slowing down to 2009 levels. Moreover, the prices received support the Bloomberg data showed that China’s apparent oil demand rose 7.07 percent in September from a year earlier, to 10.345 million barrels per day.

Meanwhile, broader gains are likely to be capped since Iran backed off calls for an urgent meeting of OPEC members to discuss ways in which prices can be defended. Hence, any production cuts would come only after the regular meeting scheduled on Nov. 27.

Brent Crude Technical levels

Brent Crude has an immediate resistance level of 86.70 (yesterday’s high), above which prices can rise to 87.34 levels. On the flip side, the commodity can fall to 84.41 levels if the day’s low of 85.21 is breached.

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