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OPEC preview and Brent oil key technical levels

FX:UKOIL   Crude Oil (Brent)
Brent prices are retreating as expected in the European morning update.

Caution ahead of OPEC meeting is a likely reason for the drop today. The even in itself is likely to be a dud. If anything is a question for OPEC as a whole and especially for Saudi whether to allow markets to rebalance themselves (as they are doing now) or accelerate the process of rebalancing via cut/freeze of some other measure.

However, odds of OPEC letting markets to adjust on its own are high. Hence, there isn't a big deal likely to happen tomorrow.

The only earth shattering thing that could happen is OPEC raising its daily production quota, given the prices have almost doubled from their bottom in February. However, likelihood of such a move is low.

Brent oil

Resistance levels

  • $50.89 (black line)
  • $52.43 (blue line)
  • $53.36 (61.8% of May 2015 high-Feb 2016 low)

Support

$48.34 (50% of May 2015 high-Feb 2016 low)
$47.50 (black rising trend line )
$45.20 (Blue rising trend line )
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