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Brent falls below USD 75.50/barrel as OPEC remains silent on production levels

FXStreet (Mumbai) - Brent Crude slipped below USD 75/barrel levels after the Organization of Petroleum Exporting Countries (OPEC) meet concluded with no comments on the level of output.

Brent Crude futures now trades 3.08% lower at USD 75.36/barrel as OPEC minister did not announce any cut in the crude production. Prices hit a low of USD 74.40 immediately after the reports came-in that OPEC left production levels unchanged. Meanwhile, Europe 600 Gas and Oil Index slipped 1.6% as OPEC meet ended with no production cuts.

Moreover, Brent recovered from the Intraday low as the outcome was widely expected and thus priced-in by markets well in advance. Brent prices were hammered more than USD 2 since Asian session in anticipation of the status quo outcome of the OPEC meet.

Brent Crude Technical Levels

Brent has an immediate support located at the daily low of 74.40, under which prices may sink further to 72.40 levels. Meanwhile, resistance is seen at 76.74 and 77.32 levels.

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