Daily Commodity Analysis - oil, gas, gold, copper turmoil.
Introduction
Oil prices grapple with a mixed outlook amid global economic uncertainties and Red Sea tensions. Concerns over China’s demand and potential OPEC production cuts weigh on the market. Meanwhile, U.S. natural gas faces supply constraints due to extreme cold, pushing prices to multi-year highs. Gold retreats as the USD strengthens amid geopolitical tensions, and copper slips on a stronger dollar ahead of key cues from China’s economic data. Markets await the US Federal Reserve’s guidance from Governor Christopher Waller.Markets In Focus Today – BRENT CRUDE OIL
Oil Prices Mixed Amid Economic Concerns And Red Sea Issues.
Oil prices were mixed on Tuesday, after posting losses the previous session, as broad economic concerns outweighed continued tensions in the Middle East that led to more tanker diversions. Some concerns over how China’s demand could pan out in the near term after the country’s central bank left the medium-term policy rate (MLF) unchanged on Monday, also weighed on oil prices. Ongoing energy market concerns continue to fret about potential supply chain disruptions and the potential for production cuts from the Organization of the Petroleum Exporting Countries to take a bite out of global energy markets’ ability to meet fossil fuel demand.Technical Overview With Chart :
Moving Averages :
Exponential :
- MA 10 : 77.98 | Positive Crossover | Bullish
- MA 20 : 78.03 | Positive Crossover | Bullish
- MA 50 : 79.64 | Negative Crossover | Bearish
Simple :
- MA 10 : 77.88 | Positive Crossover | Bullish
- MA 20 : 78.22 | Positive Crossover | Bullish
- MA 50 : 78.91 | Negative Crossover | Bearish
Stochastic Oscillator : 53.11 | Buy Zone | Negative
Resistance And Support Levels :
- R1 : 80.60 R2 : 82.82
- S1 : 73.40 S2 : 71.18
