British News Agency

OIL

Crude oil started the week with an uptrend but has been experiencing losses since Tuesday. Yesterday, crude oil opened at $78.27 levels and ended the day with approximately a 2% loss at $76.65 levels. On Wednesday, crude oil inventories were tracked in the economic calendar, and the data came in higher than expected, showing a weekly increase of 3.6 million barrels. At the same time, weekly crude oil inventories in Cushing, Oklahoma increased by 1.9 million barrels compared to the previous week. Rising production is causing stagnation in oil prices. The International Energy Agency (IEA) has stated that global oil markets may not be as tight as expected this quarter due to increased production in the United States and Brazil. Additionally, the Israel-Palestine conflict has reduced risk premiums in commodity markets, but any unexpected high tension could lead to imbalance in commodity prices. Markets will closely monitor the U.S. Unemployment Claims coming at 16:30 GMT. From a technical perspective, resistance levels for the crude product could be followed at 77.36 - 79.92 - 83.27, and support levels at 75.03 - 72.50 - 70.08.

Source: Info Investment