IPE Brent Market: Brent firm and holding
IPE Brent futures were firmer in early trading Friday despite continuing negative sentiment following API statistics showing a build in crude stocks earlier this week.
They are expected to trade within a narrow 30-cent trading band throughout the afternoon session, brokers said, with participants content with held positions.
views that NYMEX crude and refined products futures would open higher were also expected to keep, according to news agencies.
"We had the OPEC cut and that has already been
taken into account by the market. Sellers are there but we're just not getting any real news in the market to push it down further," an IPE Brent trader said.
Brent IPE futures werestronger on the back of a positive performance by NYMEX crude futures the previous day.
Technically, May Brent futures were trading in a tight congested range, with traders viewing resistance at $25.10 and support at $24.70.
PRICES (at 1211 GMT):
Last High Low Change:
IPE May Brent
Last $25.02 High$25.10 Low$24.80 Change up 39c.
IPE June Brent
Last $25.25 High$25.32 Low$25.05 Change up 34c.
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