اوپیک کے بیان میں پیداوار میں کٹوتی پر "توقف" پڑھنے کے بعد تیل کی قیمت میں اضافہ ہوا۔

اشتراک کریں:

• WTI Oil finds a floor for now near $76 in a sensitive market.  
• Oil traders were caught by surprise by the EIA build of stockpile by 1.234 million barrels.
• The US Dollar Index sees post-Fed gains evaporating in fading price move.

Oil prices are finding a floor near $76, backed by the OPEC statement being released after the meeting earlier this Thursday. A panel of OPEC+ members said no policy changes are foreseen for now, while the US has reportedly hit a six-month high in November on production. Add the stockpile buildup number from the Energy Information Administration (EIA) overnight with a surprise build of 1.234 million barrels, and quick breach above $80 looks doubtfull. 

Meanwhile, the US Dollar Index (DXY) is in the green, though momentum appears to be fading again. Although the US Federal Reserve چیئرمین جیروم پاول pushed back against a March rate cut possibility, he did not really do that for May or June. This means a small tweak in positions, with no substantial moves expected in the امریکی ڈالر مزید. 

لکھنے کے وقت خام تیل (WTI) $76.57 فی بیرل پر تجارت کرتا ہے، اور Brent Oil $81.29 فی بیرل پر تجارت کرتا ہے۔ 

Oil news and market movers: Nothing to see here

• Wednesday numbers from the Energy Information Administration threw a spanner in the works for Oil to soon head back to $80. While a drawdown was expected, the number came in at a buildup of 1.234 million against a drawdown of 9.233 million last week. 
• The OPEC group has said in an online meeting that no further adjustments are needed for now, though production cutbanks are to considered an says its ready to intervene when needed. 
• Russian arctic crude shipments have declined significantly after hitting a six-month high in December. 
• A next domino might fall in the Chinese economy as Chinese oil refiners are seeing margins collapse under low demand and rising crude prices since the low of December. 
• Bloomberg released numbers that showed the US produced a staggering 13.3 million barrels per day in November, making it a new monthly record. 

Oil Technical Analysis: Sideways without additional measures

Oil prices, though picking up under the current خبر headlines, do not hold asmuch upside potential as markets think.  Saudi Arabia’s woes about production levels appear to be a big threat for اوپیک at a time when the group sees the US easily matching the current supply cuts by pumping more oil than it has been doing in the past years. 

Although price action came very near, the $80 level will not be easy to beat. Once $80 is broken, $84 is next on the topside. A few dollars further, the red line near $87.66 comes into focus, though by then the Relative Strength Index (RSI) will likely be trading at overbought levels. 

On the downside, the $74 level will act as immediate support for any sudden declines. The $67 level could still come into play as the next support as it aligns with a triple bottom from June. Should that triple bottom break, a new low could be close at $64.35 – the low of May and March 2023 – as the last line of defence.

US WTI خام تیل: روزانہ چارٹ

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• ماخذ: https://www.fxstreet.com/news/oil-finds-floor-near-76-after-unexpected-increase-in-us-stockpiles-202402011145