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30 August 2024,02:10
Trade Of The Day
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30 August 2024, 02:10
* Supply Concerns: Oil prices held steady in early Friday trading as investors weighed supply concerns in the Middle East against signs of weakening demand. Reports show that more than half of Libya’s oil output, around 700,000 barrels per day (bpd), was shut down on Thursday, with exports suspended at several ports due to a standoff between opposing political factions. The consulting firm Rapidan Energy Group suggests that Libya’s production losses could increase to between 900,000 and 1 million bpd, potentially lasting for several weeks. Meanwhile, Iraqi oil supplies are expected to decline after the country exceeded its OPEC+ production quota. According to a source familiar with the matter, Iraq plans to reduce its output to between 3.85 million and 3.9 million bpd next month.
* Technical Breakout: Crude oil price was traded higher following prior breakout above the previous resistance level 75.50. MACD which illustrate bullish momentum signal with the formation of golden cross suggest the commodity to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 80.00. Conversely, a potential reversal is also to be expected and the price could head back towards 71.45 after it breach back below the support level.
Looking ahead, investors will be closely watching key upcoming U.S. data, particularly the Fed’s preferred measure, the Core PCE Price Index, which is set to be released later today. Additionally, the market will keep an eye on developments in the Middle East, as any significant events there could affect oil demand and supply.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, Middle East development, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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