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16 Dec 2014
Brent Crude trades below USD 60.00/barrel
FXStreet (Mumbai) - Brent Crude prices fell below USD 60.00/barrel today for the first time since July 2009 as bearish pressure intensified after Chinese manufacturing gauge missed expectation.
Brent Crude for February delivery traded 2.02% lower at USD 59.90/barrel at the time of writing. Prices resumed the fall after the preliminary Chinese PMI from HSBC printed at 49.5, missing the median estimate of 49.8, and below the last month’s print of 50.00. The weak China data does impact Crude prices since the nation is the world’s largest oil consumer after the U.S. and will account for about 11 percent of global demand next year.
Brent Crude Technical Levels
Brent Crude has an immediate support located at 59.49 (July 2009 low), under which prices can extend the fall to 59.03 (Oct 2006 close). Meanwhile, resistance is seen at 60.41 and 61.00 levels.
Brent Crude for February delivery traded 2.02% lower at USD 59.90/barrel at the time of writing. Prices resumed the fall after the preliminary Chinese PMI from HSBC printed at 49.5, missing the median estimate of 49.8, and below the last month’s print of 50.00. The weak China data does impact Crude prices since the nation is the world’s largest oil consumer after the U.S. and will account for about 11 percent of global demand next year.
Brent Crude Technical Levels
Brent Crude has an immediate support located at 59.49 (July 2009 low), under which prices can extend the fall to 59.03 (Oct 2006 close). Meanwhile, resistance is seen at 60.41 and 61.00 levels.