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3 Mar 2015
Brent futures hit session high above USD 61.00/barrel
FXStreet (Mumbai) - Brent Crude futures rose to a high of USD 61.77/barrel on Tuesday as markets ignored supply concerns amid fighting in Libya and signs of stronger global demand.
Brent for April delivery traded 2.66% higher at USD 61.13/barrel at the time of writing. Rival Libyan forces carried out air strikes on oil terminals and an airport. Oilfields and ports are increasingly a target in Libya's conflict, which raised concerns regarding supply from the OPEC member.
Meanwhile, analysts say the market remained well supplied and the gains contradict the underlying fundamentals, but signs of economic strength in Europe and Asia lent support.
Brent Crude Technical Levels
The immediate support is seen at 60.00, under which losses could be extended to 59.34. On the other hand, resistance is seen at 61.68 (100-DMA) and 62.96 levels.
Brent for April delivery traded 2.66% higher at USD 61.13/barrel at the time of writing. Rival Libyan forces carried out air strikes on oil terminals and an airport. Oilfields and ports are increasingly a target in Libya's conflict, which raised concerns regarding supply from the OPEC member.
Meanwhile, analysts say the market remained well supplied and the gains contradict the underlying fundamentals, but signs of economic strength in Europe and Asia lent support.
Brent Crude Technical Levels
The immediate support is seen at 60.00, under which losses could be extended to 59.34. On the other hand, resistance is seen at 61.68 (100-DMA) and 62.96 levels.