Recent developments in the oil market have led to fluctuations in crude prices. Factors such as weak economic growth in China, the partial restart of Libyan output, and false reports about Saudi Arabia extending production cuts have influenced oil prices. The expiration of the Black Sea Grain Initiative may also impact grain prices and transportation, which could have implications for the oil complex. Additionally, the Joint Organizations Data Initiative (JODI) reported increased oil demand in several countries, driven by China, India, Saudi Arabia, and the US, while crude production decreased in countries like Saudi Arabia, Canada, and the US. Looking ahead, OPEC predicts a rise in global oil consumption in 2024.
From the technical point of view, MACD is showing bullish signal, while RSI is neutral.
As a pivot point might ne considered 74.06, if the price goes above that level, it might try to reach levels of 75.32, on the other hand, if the price keeps dipping, it might try the support of 74.06
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
From the technical point of view, MACD is showing bullish signal, while RSI is neutral.
As a pivot point might ne considered 74.06, if the price goes above that level, it might try to reach levels of 75.32, on the other hand, if the price keeps dipping, it might try the support of 74.06
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.