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Brent hovers above USD 86

FXStreet (Mumbai) - Brent Crude oil jumped yesterday after the news came out that the Saudi’s cut their September oil supply by 328kbpd to 9.36mbpd. However, the prices have declined today since the Saudi’s crude production continued to increase in September.

Brent Crude is trading 0.85% lower at USD 86.10/barrel, down from the yesterday’ s high of USD 87.19 levels. Moreover, Saudi’s reduced their supply and not the actual production, which led to a decline in the crude prices today. This indicates that markets are more interested in seeing an actual production cut rather than juts a supply cut.

However, given the recent rhetoric from Saudi Arabia, it appears that largest exporter of crude oil is not really interested in cutting the production levels.

Brent Crude Technical levels

Brent has an immediate resistance at 87.19, above which prices can rise to 88.00 levels (Oct. 16 high). On the flip side, prices may decline to 85.34 levels if the immediate support of 86.06 is breached.

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