🛢 CL OIL, H4 🛢 11 March 2024
Crude oil prices experience a slight dip as apprehensions persist over soft Chinese demand. Despite OPEC+ extending supply cuts, China's conservative economic growth target of around 5% for 2024 raises concerns. Analysts emphasise the challenging outlook without additional stimulus measures. Attention shifts to major central banks' potential rate cuts, including the Federal Reserve and the ECB, as lower rates could stimulate oil demand by fostering economic growth.
Oil prices are trading lower following the prior breakout below the previous support level. Suggesting the commodity might extend its losses.
Resistance level: 78.00, 80.20📉
Support level: 75.95, 73.45📈
Crude oil prices experience a slight dip as apprehensions persist over soft Chinese demand. Despite OPEC+ extending supply cuts, China's conservative economic growth target of around 5% for 2024 raises concerns. Analysts emphasise the challenging outlook without additional stimulus measures. Attention shifts to major central banks' potential rate cuts, including the Federal Reserve and the ECB, as lower rates could stimulate oil demand by fostering economic growth.
Oil prices are trading lower following the prior breakout below the previous support level. Suggesting the commodity might extend its losses.
Resistance level: 78.00, 80.20📉
Support level: 75.95, 73.45📈