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Brent steady above USD 86

FXStreet (Mumbai) - Brent crude oil is trading steady above USD 86/barrel after prices recovered from the four-year lows hit last week. Crude prices have recovered after major investment banks said the rout may be over.

Brent Crude is trading 0.27% higher at USD 86.46/barrel today. Expectations that oil demand may pick up in the near term has helped prices gain strength. Moreover, the prices have recovered on bargain hunting demand at lower levels.

Markets are also expecting the Organization of Petroleum Exporting Countries (OPEC) to reduce the output in the days ahead. Till now, the OPEC’s largest producers have cut export prices in order to increase market share, rather than defend the falling Crude oil prices by reducing the output.

Meanwhile, the WTI Brent crude is trading above USD 82/barrel ahead of the stockpile data in the US which may show inventories shrank to a two-year low in the US.

Brent Crude Technical levels

Brent crude has an immediate resistance of 87.34 levels, above which prices can rise to 88.00 levels (Oct 16 high). On the flip side, prices may fall back to 85.50 levels, if the critical support of 86.14 is breached.

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