The crude oil market has now clearly broken through the 77.40 level to start trading at the 78.00 barriers, confirming expectations that the bullish trend is going to continue throughout the rest of the day. The road is clear to achieve our 1st target of 78.90, which, as we’ve previously mentioned, will propel the price toward our next major target of 80.40. However, maintaining above 77.40 is a necessary condition for the expected rise to proceed, which is given strong positive assistance by the EMA50.
The support and resistance levels for today’s trading range are 76.20 and 79.40, respectively.
Although oil prices fell in early Friday trade, they were still expected to end the week up almost 2% as a rebound in factory activity in China countered mounting concerns about swelling U.S. crude stocks and impending rate hikes in Europe.
At 0147 GMT, Brent crude futures were down 39 cents, or 0.5%, to $84.36 per barrel. At $77.75 a barrel, West Texas Intermediate (WTI) oil futures were down 41 cents, or 0.5%.
While WTI has risen over 2%, recovering from a tiny loss the previous week on expectations of a robust increase in fuel consumption in China, the global highest oil importer, Brent has risen approximately 1.6% so far this week after starting lower on Friday, on track for a second successive week of gains.
China’s manufacturing activity increased last month at its quickest rate in more than ten years, supporting predictions of a resurgence in gasoline demand. This month, seaborne imports of Russian oil are anticipated to reach a new high.
Raphael Bostic, the president of the Atlanta Federal Reserve, said that the Fed should maintain its “steady” quarter-point rate, which allayed American fears and supported fuel prices on Thursday even in the face of positive unemployment figures.
A faster-than-expected rise in household prices in France, Spain, and Germany has exceeded hopes of higher mortgage rates by the European Central Bank, although the market is still cautious about this development (ECB).
According to a preliminary estimate from the EU statistics office, inflation in the eurozone increased to an annual rate of 8.5% in February, which was higher than anticipated.
This week’s market volatility was also brought on by the United States 10th straight week of the crude stock building (USOILC=ECI).
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