Brent oil is solidly bid in Asia, trades above $74/barrel. Uncertainty over a possible rise in OPEC output has likely put a bid under oil prices, according to Reuters. Brent oil clocked a session high of $74.21 earlier today and was last seen trading at $74.00 – up 1.25 percent on the day. The black gold has likely picked up a bid due to uncertainty over whether the Organization of the Petroleum Exporting Countries (OPEC) would be able to lift production. Saudi minister said there is broad support for the proposal to raise crude output by one million barrels a day, according to the Wall Street Journal, however, Iran is reportedly playing a hardball. The resulting uncertainty could have lifted oil prices. Further, Russia and Saudi Arabia have been calling for an output hike since last few weeks. So, the markets have likely priced-in the output hike. Moreover, brent is down 8.06 percent decline from the 2018 high of $80.49 reached in May. Hence, oil might rise if OPEC meets market expectation, or the output hike is less than expected. Brent Oil Technical Levels Resistance: $75.70 (50-day moving average), $77.80 (June 1 high), $80.49 (May high). Support: $72.93 (previous day’s low), $72.45 (June 18 low), $72.00 (psychological support). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next RBNZ OCR preview: words might change, but result is the same – Westpac FX Street 5 years Brent oil is solidly bid in Asia, trades above $74/barrel. Uncertainty over a possible rise in OPEC output has likely put a bid under oil prices, according to Reuters. Brent oil clocked a session high of $74.21 earlier today and was last seen trading at $74.00 - up 1.25 percent on the day. The black gold has likely picked up a bid due to uncertainty over whether the Organization of the Petroleum Exporting Countries (OPEC) would be able to lift production. Saudi minister said there is broad support for the proposal to raise crude output by one million barrels a… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.