Today’s Asian trading session saw Crude Oil prices climbing, breaching the $85 benchmark.

The ascension in crude oil futures this Wednesday can largely be attributed to apprehensions surrounding supply constraints.

Recent developments have highlighted continuous drone assaults by Ukraine on Russian oil refining facilities, significantly hampering Russia’s crude production and its export capabilities.

Moreover, escalating tensions in the Middle East have compounded worries about the continuity of crude oil supplies. This unease was intensified by Iran’s vow of retribution against Israel following an airstrike that resulted in the loss of vital military figures at its embassy in Damascus, adding layers of unpredictability to the market.

In another significant move, Mexico’s national oil firm, Pemex, instructed its trading division to halt nearly 436,000 barrels of its scheduled crude oil exports for April.

Further stirring the market, a recent report from the American Petroleum Institute disclosed a notable reduction in U.S. crude oil stocks, which diminished by 2.28 million barrels in the week up to March 29. This decline exceeded the anticipations of a 2 million barrel drop, underscoring the current supply-side pressures in the crude oil market.

Technical analysis

Crude Oil Analysis Technical analysis 03/04/2024

Time Frame: 1 hour

CRUDEOIL Support & Resistance Table – 03/04/2024

Support & ResistanceLevelExplanation
Resistance 286.21Daily R2
Resistance 185.75Daily R1
Support 184.51Daily S1
Support 284.05Daily S2

CRUDEOIL Indicator Table – 03/04/2024

IndicatorSignal
SMA 20Buy
SMA 50Buy
SMA 100Buy
MACD( 12;26;9)Buy
RSI (14)Neutral
Stochastic ( 9;6;3)Sell

CRUDEOIL Indicator / Period Table – 03/04/2024

Indicator / PeriodDay – BuyWeek – BuyMonth – Buy
MACD( 12;26;9)BuyBuyBuy
RSI (14)NeutralBuyNeutral
SMA 20BuyBuyBuy

CRUDEOIL 03/04/2024 – Reference Price : 85.15

BUYSimple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (1)
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