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Oil remains weak as OPEC output hits 14-month high

FXStreet (Mumbai) - The Crude prices on both the sides of the Atlantic are trading weak after Bloomberg reported that the crude output from the Organization of Petroleum Exporting Countries (OPEC) counties hit a 14-month high in October.

The WTI Crude is trading 0.48% lower at USD 80.51, while the Brent Crude is trading 0.49% lower at USD 85.44/Oz. According to the survey of oil companies, producers and analysts. The OPEC output climbed by 53,000 barrels a day to 30.974 million, led by gains in Iraq, Saudi Arabia and Libya.

Moreover, the markets were expecting that the OPEC nations would have reduced their output after Brent crude dropped to a four-year low. However, the survey reveals that the OEPC nations are not interested in reducing the output. In fact, the group’s biggest producers, Saudi Arabia, Iraq, Iran and Kuwait, have cut their official selling prices, sparking speculation they will compete for market share rather than trim output.

Brent Crude Technical levels

Brent Crude has an immediate support at 84.60, under which the prices can fall to 84.00 levels. On the other hand, resistance is seen at 86.21 and 86.84 levels.

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