US traders are not happy about Iran’s refusal to commit to output freeze and postponement of OPEC and non-OPEC meeting to April.
Both benchmarks were offered ahead of US opening bell. Brent clocked a daily low below $39. Earlier today, I had talked about short trade aiming for $38.90 here Quick look: Brent sees bearish break on hourly charts. The target has been achieved and now is the time to wait on the sidelines.
Here is the hourly chart
Watch for an hourly closing below $38.86 and that would open doors for a slide to $38 handle. Multiple failures in dipping/sustaining below the same would shift risk in favor or $40-40.10 levels.