Observing news today one can easily get disappointed. However, things are getting better.
Update for oil market
The oil traders are awaiting the release of crude oil inventories at 17:30 MT time. According to the forecasts, the number of barrels will advance by 2 million. If the actual level is higher, the oil prices will go down.
- The price for WTI has been trading within a descending channel. At the beginning of the trading day, it has failed to overcome the $54.2 resistance level. If the actual data by the Energy Information Administration shows the lower number of inventories, the price for WTI will break the $54.2 level and target the next resistance at $54.68. In case of an alternative scenario, the price for WTI will slide to the $53.4 level. The next support will be placed at $52.85.
- Brent’s price has fallen towards the support level at $58.75. If the price overcomes this level, the next support will be placed at $58.5. After that, reaching the $58 level seems possible. From the upside, the first resistance level will lie at $59.4. The next resistance will be placed at $59.84.
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.
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?