Brent finds support in IEA comments, above $37

By FXStreet Brent futures found support in bullish comments from IEA, but is struggling to take out $37.37 (38.2% of Oct high – Jan low).

Supported at $36.80

Prices recovered from the low of $36.80 after the IEA economist said the investment in oil industry could continue to fall in 2016 due to low oil prices. The resulting bullish move pushed futures to a high of $37.37.

However, the bullish move is once again failing to take out 38.2% Fibo level, which has acted as a strong resistance since last two sessions. Traders now await the US non-farm payrolls report and Baker Hughes oil rig report in the US.

Brent Technical Levels

The immediate resistance is seen at 37.37 (38.2% of Oct high-Jan low), above which prices could test 38.04 (Dec 24 high). On the other hand, a break below the immediate support at 36.33 (previous day’s low) could see prices drift lower to 35.71 (Feb 18 high).
For more information, read our latest forex news. …read more

Source:: FX Street