Brent oil clocks fresh daily high as Chinese imports hit record high

By FXStreet Oil prices turned positive in Europe and extended gains to hit a fresh daily high of $41.59 levels as rise in China’s oil imports to record highs is seen helping reduce the supply-demand mismatch.

Hovers around daily highs

Brent futures trade around daily highs after having found bids around 5-DMA level of $40.50 levels in early European session. Prices fell in Asia as traders reacted to US data released on Friday which showed a rise in oil rigs.

However, buying interest recovered after China data showed February crude oil imports rose 24.4% from a year earlier to 31.8 million metric tons. This means a daily average of roughly 8 million barrels a day, its highest on record.

Brent Technical Levels

The immediate hurdle is seen at 42.19 (Aug 24 low) followed by a resistance at 43.13 (Nov 16 low). A break higher would expose 44.00 (psychological hurdle). On the other hand, a break below support at 40.78 (50% Fibo of Jan low-Mar high) would expose 39.50 (trend line support) and 38.12 (100-DMA).
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Source:: FX Street