Brent attempting break above $40

By FXStreet Comments from Russian oil minister added to the bullish tone around Brent, courtesy of which prices are now attempting a break above $40/barrel.

Iran to attend April 20 meeting – Russian oil minister

The latest up move from $39.80 to near $40.10 was triggered by Russian oil minister, who informed markets about Iran’s participation at April 20 meeting. So far we have not heard official nod from Iran.

However, markets are trusting Russian oil minister, especially since the meeting was postponed (previously to be held on March 20) mainly due to Iran’s refusal to commit to production freeze.

Moreover, other members have expressed readiness to carry on with the meeting irrespective of Iran’s commitment to freeze output. Traders now await US government’s oil inventory data.

Brent Technical Levels

A breakdown of immediate support at $38.80 (daily low) would expose $38.31 (100-DMA). On the other hand, a break above $40.48 (Mar 14 high) could see prices test offers in the resistance zone of $41-41.46 9 (Mar 8 high).
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Source:: FX Street