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Brent oil rises above USD 80

FXStreet (Mumbai) - Brent oil rose above USD 80 levels after China rate cut and on speculation that Oil and Petroleum Exporting Countries (OPEC) group may cut output next week.

Brent Oil for January delivery traded 1.34% higher at USD 80.40/barrel at the time of writing. The commodity rallied after China cut the interest rates for the first time in more than two years. The rate cut is likely to trigger growth, which shall increase Crude demand from the world’s second largest economy.

Meanwhile, the markets are also expecting that the OPEC group shall announce a cut in the output at the Nov. 27 meet in order to stabilize prices. Moreover, Brent is likely to end an eight-week losing streak as it is likely to end today above the previous week’s close of USD 79.41.

Brent Crude Technical Levels

Brent has an immediate support located at 79.75, under which prices can re-test 79.41 levels. Meanwhile, resistance is seen at 81.60 and 82.93 levels.

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