🛢 CL OIL, H4 🛢 27 March 2024
Crude oil prices retreated from significant resistance levels as market sentiment remained tepid ahead of key events. Investors opted to shed high-risk commodities amidst lingering uncertainties. However, losses were tempered by concerns over potential supply disruptions, notably after Russia's directive to companies to curtail output in line with OPEC+ commitments. With US crude inventories registering a significant uptick, attention shifts to the upcoming EIA Oil inventories release and broader economic performance for crucial trading cues.
Oil prices are trading lower following the prior retracement from the resistance level. Suggesting the commodity might extend its losses toward support level.
Resistance level: 82.85, 84.10📉
Support level: 80.20, 78.00📈
Crude oil prices retreated from significant resistance levels as market sentiment remained tepid ahead of key events. Investors opted to shed high-risk commodities amidst lingering uncertainties. However, losses were tempered by concerns over potential supply disruptions, notably after Russia's directive to companies to curtail output in line with OPEC+ commitments. With US crude inventories registering a significant uptick, attention shifts to the upcoming EIA Oil inventories release and broader economic performance for crucial trading cues.
Oil prices are trading lower following the prior retracement from the resistance level. Suggesting the commodity might extend its losses toward support level.
Resistance level: 82.85, 84.10📉
Support level: 80.20, 78.00📈