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Brent futures trade near USD 78.20, Saudi Oil Minister says market “will stabilize itself”

FXStreet (Mumbai) - Brent Crude declined today after Saudi Oil Minister said the market would stabilize itself, while the Oil and Petroleum Exporting Countries (OPEC) group failed to pledge output cuts before the OPEC meet tomorrow.

Brent for January delivery is trading 0.335 lower at USD 78.10/barrel, while the WTI Crude for January delivery is trading 0.39% lower at USD 73.80/barrel.

Saudi Arabia’s Oil Minister Ali al-Naimi said that the oil “will stabilize itself eventually and that the US and OPEC should not cut their output”. Meanwhile, Impromptu talks on how halt the slide in prices, between Saudi Arabia, Venezuela and oil powers - Russia and Mexico - yielded no agreement on Tuesday.

Elsewhere, the rating agency Moody’s lowered its price assumptions for average spot prices for Brent crude to $80 per barrel for 2015 and to $85 per barrel in 2016, and for WTI crude to $75 per barrel in 2015 and $80 per barrel in 2016 and thereafter.

Oil markets are likely to remain cautious as the OPEC is scheduled to meet in Vienna tomorrow, 27 November 2014, to consider whether to adjust their output target of 30 million barrels per day (bpd) for early 2015.

Brent futures Technical Levels

Brent has an immediate support at 77.95 (Nov. 17 low), under which prices can fall to 77.59 (Nov. 20 low). Meanwhile, resistance is seen at 78.46 and 79.24 levels.

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