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Brent hits fresh 2014 low

FXStreet (Mumbai) - FXStreet (Barcelona) - Brent crude prices fell to a fresh yearly low ahead of the US session after the Saudi’s decision to cut their oil price to the US sparked concerns that the major producers from the Organization of Petroleum Exporting Countries (OPEC) may not resort to reducing output amid falling oil prices.

Brent Crude for December delivery is trading 3.09% lower at USD 82.16/barrel, compared to the previous session’s close of USD 85.80/barrel. The today’s fall has been triggered by state-owned Saudi Aramco, which slashed the contracted price for its sale of crude to the US. Moreover, the cut in prices highlights the price war to defend the market shares in the US where the shale production is at record high levels.

OPEC is due to publish annual World Oil Outlook on Thursday which should provide further insight into its long term planning to meet world energy market demand.

Brent Crude Technical Levels
Brent has an immediate resistance located at 82.93 (Oct. 16 low), above which prices can rise to 84.00 levels. On the other hand, a strong support is seen at 80.75 levels once the prices fall below 82.00 levels.

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