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Brent gains 1% on renewed tensions in Iraq

FXStreet (Mumbai) - Brent crude prices rallied after a bomb explosion in the Kurdish city of Iraq, the OPEC’s second largest producer.

Brent Crude for January delivery traded 1% higher at USD 79.30/barrel at the time of writing. The prices were pushed higher as the markets are worried that the bomb attack may be the start of a more sustained campaign of retaliation by the Islamic State against Kurdish fighters.

Meanwhile, the WTI Crude traded 0.315 higher at USD 74.88/barrel. The oil markets are now broadly focused on the Organization of Petroleum Exporting Countries (OPEC) meet scheduled on Nov. 27. Moreover, markets are expecting the OPEC group to announce an output cut in order to stabilize the prices.

In the meantime, markets may take cues from the Energy Information Agency (EIA) data due today, which is likely to show stockpiles fell by 1.5 million barrels.

Brent Crude Technical Levels

Brent Crude has an immediate resistance located at 79.75, above which the gains could be extended to 79.95 levels. Meanwhile, a break below the immediate support located 79.19, shall push the prices down to 78.81 levels.

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