Brent oil drops to one-week low

By FXStreet Brent prices extended losses to hit a one-week low of $32.34/barrel on fading optimism regarding a joint OPEC and non-OPEC production cut.

Eyes US inventory data

The US inventory data due later today could worsen the sentiment further if inventory figure comes out on a higher side. The API data released yesterday did show a buildup in inventories and led to sell-off in Asia today.

Prices began falling after Iran refused to join the production freeze strategy and went a step further by calling it a ‘ridiculous’ effort.

Brent Technical Levels

The immediate support is seen at 31.79 (Feb 17 low), under which prices could drop to 30.26 (Feb 9 low). On the other hand, a break above 33.13 (daily high) above which prices could rise to 33.65 (50-DMA).
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Source:: FX Street