🛢 CL OIL, H4 🛢5 April 2024
Crude oil prices experienced a significant surge propelled by concerns over lower supply amidst decisions by major producers, including OPEC+, to maintain output cuts. Growing signs of economic strength in China also contributed to heightened demand for oil, underscoring the market's focus on supply dynamics amid geopolitical tensions and supply disruption fears.
Oil prices are trading higher following the prior breakout above previous resistance level.Suggesting the commodity might enter overbought territory.
Resistance level: 87.90, 89.10📉
Support level: 83.75, 83.15📈
Crude oil prices experienced a significant surge propelled by concerns over lower supply amidst decisions by major producers, including OPEC+, to maintain output cuts. Growing signs of economic strength in China also contributed to heightened demand for oil, underscoring the market's focus on supply dynamics amid geopolitical tensions and supply disruption fears.
Oil prices are trading higher following the prior breakout above previous resistance level.Suggesting the commodity might enter overbought territory.
Resistance level: 87.90, 89.10📉
Support level: 83.75, 83.15📈