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Brent Crude futures stuck at 5-DMA

FXStreet (Mumbai) - Brent Crude prices are stuck near the 5-DMA level of USD 78.87, after having recovered from the early slump during the Asian session.

Brent Crude for January delivery traded 0.93% higher at USD 78.83/barrel at the time of writing. The prices hit a low of USD 77.61 earlier today after the release of the disappointing Chinese and Eurozone manufacturing activity data. However, prices recovered as investors weigh the possibility of the Organization of Petroleum Exporting Countries (OPEC) group announcing an output cut next week.

Moreover, OPEC is likely to cut its output next year, if not at the Nov. 27 meet, as its own forecasts show declining demand for Crude.

Brent Crude Technical Levels

Brent has an immediate resistance located at 5-DMA located at 78.87, above which prices may rise to 79.93 levels. Meanwhile, support is seen at 78.31 and 78.00 levels.

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