Crude oil-
WTI crude oil gained above $80 after strong crude inventory data. It hit a high of $80.48 yesterday and is currently trading around $80.31.
According to API, US crude inventories declined by 5.5 million barrels for the week ended Mar 8th, 2024, compared to a forecast of an increase of 400000 barrels.
The global oil demand will rise to 110000 bpd in 2024, according to the International Energy Agency.
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- $79.01
Kijun-Sen- $78.62
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 $78 with SL around $76 for a TP of $83.
