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14 June 2024,01:53
Trade Of The Day
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14 June 2024, 01:53
* Crude Boom: Crude oil prices have edged higher against the US dollar, bolstered by signs of a robust demand outlook for crude and fuel this year. The Organization of Petroleum Exporting Countries (OPEC) maintained its forecast for strong global oil demand growth in 2024, while Goldman Sachs projected solid U.S. fuel demand for the summer. OPEC also expects demand to rise to 116 million barrels per day by 2045, potentially even higher, according to OPEC Secretary General Hathaim Al Ghais, countering an International Energy Agency report predicting peak oil consumption by 2029. Additionally, Russia’s pledge to meet its output obligations under the OPEC+ pact, following an overproduction in May, further supported the market.
* Technical Breakout: Crude oil price was traded higher following prior rebound from its low level. MACD which illustrate diminishing bearish momentum signal suggest the commodity to further extend its rebound.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 79.35. Conversely, a potential retracement is also to be expected and the price could head back towards 77.25.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, the market will closely monitor several inventory reports from China, the world’s second-largest oil consumer, set to be released later on Friday. These reports may indicate any potential weakness in demand for energy and metals.
Know how to manage trading risks with risk management strategies.
Stay updated on US and global data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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