🛢 CL OIL, H4 🛢 1 April 2024
Oil prices edged higher as concerns about a global supply surplus eased, supported by lower Russian output and ongoing production curbs by major oil-producing nations. Russia's decision to deepen production cuts and the reduction in fuel supplies following attacks on Russian fuel refineries by Ukraine contributed to market optimism. Investors await cues from the upcoming meeting of the Joint Monitoring Ministerial Committee of OPEC amid ongoing geopolitical risks.
Oil prices are trading higher, while currently testing the resistance level. Suggesting the commodity might enter overbought territory.
Resistance level: 83.15, 85.45📉
Support level: 80.20, 78.00📈
Oil prices edged higher as concerns about a global supply surplus eased, supported by lower Russian output and ongoing production curbs by major oil-producing nations. Russia's decision to deepen production cuts and the reduction in fuel supplies following attacks on Russian fuel refineries by Ukraine contributed to market optimism. Investors await cues from the upcoming meeting of the Joint Monitoring Ministerial Committee of OPEC amid ongoing geopolitical risks.
Oil prices are trading higher, while currently testing the resistance level. Suggesting the commodity might enter overbought territory.
Resistance level: 83.15, 85.45📉
Support level: 80.20, 78.00📈