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WTI crude oil pared some of its gains despite OPEC production cuts. The Organization of the Petroleum Exporting Countries (OPEC) decided to extend its production for quarter two of 2024. Russia will cut its output by 471000 barrels per day until the end of June. It hit a high of $80.82 and is currently trading around $78.49.
Major factors for crude oil price movement-
US dollar index (Bearish)- Positive for Crude. Major resistance - 104.20/105. Major support- 103.40/102.80.
Geopolitical tension- Escalation of Middle East tension (Positive for crude)
Ichimoku analysis (4- hour chart)
Tenken-Sen- $79.36
Kijun-Sen- $79.25
The immediate resistance is around $81. Any jump above $80 targets $83.50/$85. On the lower side, near-term support is around $77.70. Any breach below will drag the commodity down to $76/$75.51.
It is good to buy on dips around $75 with SL around $73 for TP of $80/$83.
