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- US Oil has fallen almost 1% yesterday after hitting high of $50.20. The commodity declined till $47.99 at the time of writing. It is currently trading around $48.43.
- The decline in the crude oil prices was mainly due to increase in the supply. OPEC confirmed reports that crude oil production increased up by 172,600 bpd last month to 32.869 million barrels. The countries like Libya, Nigeria and Saudi Arabia are main drivers behind OPEC production rise.
- The downside in the US oil is capped by trend line support and any break below $47.84 confirms bearish continuation and decline till $46.98 (200- 4H MA)/$46.
- On the higher side, near term resistance is around $48.56 (100- 4H MA) and any break above will take the oil till $48.96 (55- 4H EMA)/$50. It should break above $50.40 for further direction.
It is good to buy on dips around $48.25-$48.30 with SL around $47.75 for the TP of $49/$50.20.
