Crude Oil Market Highlights & News

Market Outlook

Gold prices are edging higher, no doubt buoyed by the weaker dollar, but with equities rebounding from Tuesday’s jitters and with the industrial metals looking firmer again, gold prices may struggle on the upside. Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session, after a decline in weekly U.S. production eased concerns about deepening oversupply. We have been expecting base metals prices to work higher and that has unfolded. On Wednesday, they managed to shake off from Tuesday and with aluminum prices managing to rebound too.

Fundamental News

The dollar wallowed at one-year lows against the euro and slipped against sterling as investors priced in tighter monetary policy in Europe, following hawkish comments made by key central bank officials.

U.S. government data showed on Wednesday that domestic crude production dropped by 100,000 barrels per day (BPD) to 9.3 million BPD last week, the steepest weekly fall since July 2016.

Gold showed sideways to bullish movement and found the important resistance level of 28623. Now if it will close above the important resistance level of 28750 then 29000 will act as next resistance level. On the other hand, 28300 will act as a major support level.

Silver showed sideways movement and found the important resistance level of 38920. Now if it will close above the important resistance level of 39000 then 39500 will act as next resistance level. On the other hand, 37800 will act as a major support level.

Crude showed bullish movement and found the important resistance level of 2946. Now if it will close above the important resistance level of 2950 then 3000 will act as next resistance level. On the other hand, 2850 will act as a major support level.

Copper showed bullish movement and found the important resistance level of 384.80. Now if it will close above the important resistance level of 385 then 390 will act as next resistance level. On the other hand, 375 will act as a major support level.

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