as mentioned in
Comments from OPEC officials will continue to be watched closely with tends in risk appetite also important for underlying sentiment surrounding oil prices.
A lower than expected build in US oil inventories helped underpin oil prices, although there was still underlying caution surrounding excess US stocks and rising production which curbed potential gains in oil.
According to sources, Iraq’s oil production declined to 4.46 million bpd in March from 4.56 million the previous month which also helped underpin sentiment.
WTI Crude Oil Price Daily ChartComments
Oil prices moved sharply higher following the data with WTI initially rallying to above the $49.00 p/b level from $48.50 while Brent moved above the $52.00 p/b level.
as informed in
Crude Oil Prices May Extend Rally Triggered By Inventory Data
Chart created using TradingViewCRUDE OIL TECHNICAL ANALYSIS – Crude oil prices launched upward, pushing through the top of a two-week consolidation range.
DailyFX.com -Talking Points:Crude oil prices rise as weekly EIA inventories data tops forecastsBarren calendar may clear path for WTI to continue upward pushGold prices may not find potent cues in US GDP data, Fed-speakCrude oil prices surged following supportive EIA inventory figures .
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GOLD TECHNICAL ANALYSIS – Gold prices paused to digest gains ahead of major resistance in the 1263.87-65.23 area (February 27 high, 50% Fibonacci expansion).
A lull in top-tier event risk in the coming 24 hours offers little to encourage the rally to accelerate.
collected by :Jack Alex