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Trading news
23 Apr 2015
Brent prices rise as Yemen civil war escalates
FXStreet (Mumbai) - Bent prices rose above USD 63.50/barrel on concerns the escalating civil war in Yemen may threaten supplies.
Warplanes from a Saudi-led coalition struck targets in and around the Yemeni cities of Aden and Ibb despite indications from Riyadh that its campaign against the Iran-allied Houthi movement would be wound down.
Global market is heavily supplied
The latest estimates call for the production by the Organization of the Petroleum Exporting Countries at almost 2 million barrels per day above demand for its oil in the first half of this year. US weekly government data on Wednesday revealed crude stockpiles in the US rose by 5.3 million barrels last week, well above a forecast 2.9 million barrels, to a record 489 million barrels. Thus, gains in Brent prices may remain capped due to excess supplies.
Brent Crude Technical Levels
The immediate resistance is seen at 64.35, above which prices could rise to 64.83 (2015 high) levels. On the flip side, a break below 63.07 (5-DMA) could push the prices lower to 62.24 (10-DMA).
Warplanes from a Saudi-led coalition struck targets in and around the Yemeni cities of Aden and Ibb despite indications from Riyadh that its campaign against the Iran-allied Houthi movement would be wound down.
Global market is heavily supplied
The latest estimates call for the production by the Organization of the Petroleum Exporting Countries at almost 2 million barrels per day above demand for its oil in the first half of this year. US weekly government data on Wednesday revealed crude stockpiles in the US rose by 5.3 million barrels last week, well above a forecast 2.9 million barrels, to a record 489 million barrels. Thus, gains in Brent prices may remain capped due to excess supplies.
Brent Crude Technical Levels
The immediate resistance is seen at 64.35, above which prices could rise to 64.83 (2015 high) levels. On the flip side, a break below 63.07 (5-DMA) could push the prices lower to 62.24 (10-DMA).