Brent eyes $40 handle on talk of OPEC & non-OPEC meeting

By FXStreet Oil bulls made a comeback in Europe, taking Brent prices to a high of $39.85 levels after reports hit the wires OPEC and non-OPEC meeting would happen on April 17 irrespective of Iran’s participation.

Supported by 100-DMA

Prices found bids around 100-DMA on Tuesday and recovered to $39 levels in Asia/early Europe today. Fresh bids came-in after Qatar’s energy minister said OPEC and non-OPEC shall meet in Doha on April 17. OPEC official added further to the bullish tone by stating the meeting would happen without Iran.

Consequently, oil benchmarks rose on optimism a production freeze accord could be signed in April. Traders now await US government’s 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 (psychological figure) could see prices test offers around $40.48 (Mar 14 high).
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Source:: FX Street