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Brent Crude hits one-week low

FXStreet (Mumbai) - Brent Crude prices fell to a one-week low of USD 84.13/barrel earlier today extending the fall after a bearish supply report in the US reinforced oversupply concerns.

Brent Crude is trading 0.14% higher at USD 84.83/barrel, after having recovered from a low of USD 84.13. Prices managed to recover somewhat after the HSBC PMI index highlighted an expansion of the economic activity in China and Germany.

However, the prices continue to remain under pressure on concerns of over supply. The data released yesterday by the Energy Information Administration (EIA) showed, US crude inventories surged by 7.1 million barrels last week, more than double of a 2.7 million barrel increase expected by the analysts.

Moreover, the oil market is waiting to see if the Organization of Petroleum Exporting Countries(OPEC) reduces the output in order to defend the prices.

Brent Crude Technical levels

Brent Crude has an immediate resistance of 85.21 levels, above which it can rise to 86.00 levels. Meanwhile, failure to sustain above 84.14 can push the prices back to 83.00 levels.

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