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Brent Oil on its way to seventh weekly drop

FXStreet (Mumbai) - Brent oil prices may post the longest declining streak since November 2001, as the commodity looks poised to end the current week lower, marking the seventh consecutive week of losses.

Brent for December delivery is trading 0.26% higher at USD 83.08/barrel, compared to the previous session’s close of USD 82.86. However, the current prices are still considerably lower than the previous week’s closing level of USD 85.86 levels. Moreover, the commodity has slipped lower this week after the Organization of Petroleum Exporting Countries (OPEC) reduced demand forecasts for its oil. The OPEC, in its annual world outlook, said demand for its crude oil would fall to 28.2 million barrels a day by the end of 2017, while predicting that output from the US and Canada, Latin American countries, and Russia shall increase.

Earlier this week, Crude prices took hit after Saudi Arabia cut its oil price to US in a bid to preserve its market share rather than provide a floor to crude prices.

Brent Crude Technical levels

Brent has an immediate support located around 82.00, under which the prices can fall to 81.63 (Nov. 5 low). Meanwhile, the commodity can rise to 84.44 levels, if the immediate resistance located at 83.19 is breached.

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