Observing news today one can easily get disappointed. However, things are getting better.
Crude's prices fall on the inventories' release
The release of crude oil inventories earlier today showed a surprise increase in the number of barrels. The output rose by 2.4 million barrels (vs. the expected decline by 2.9 million).
- The price for WTI tested June's support at $50.72. If this level is broken, the price will be vulnerable to the fall towards the $50 level. After the break of that support, pay attention to the $48.46 level. From the upside, the key resistance levels lie at $53.30-$53.73, $54.4 and $55.6.
- Brent slid to the support at $55.53. If this level is broken, it will increase the chance of reaching the $54.70 level. After that, the January's lows at $52.8 will be in focus. If the $55.53 level is rejected, bulls will push the price for Brent towards the resistance at $59.13. The next one will be placed at $60.4.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.