क्रूड ऑईलवर साप्ताहिक आऊटलूक - 21 जून 2024

Sachin Gupta सचिन गुप्ता

अंतिम अपडेट: 21 जून 2024 - 05:39 pm

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“Oil price surges amid fall in stock build & war jitters”



Crude oil prices inched-up on Thursday after the U.S. Energy Information Administration (EIA) reported a draw on Crude inventories. It fell by 2.5 million barrels in the week ending June 14 to 457.1 million barrels, compared with the expectations for a 2.2 million-barrel.
Overall, crude oil prices have bounced back sharply from a four-month low of $72.45 in early June. This recovery followed the decision by OPEC+ to extend their production cut agreement, although they plan to gradually phase out voluntary cuts between October 2024 and September 2025.

Both the benchmarks have risen significantly over the past two weeks, reaching seven-week highs on Thursday. This increase was driven by geopolitical tensions in Middle East between Israel & Hamas. Additionally, a Ukrainian drone strike that caused a fire at a Russian oil terminal contributed to the price surge. However, the supply outlook remains weak due to OPEC+'s spare capacity and rising production from the US and Brazil.
The technical outlook for crude oil suggests a cautious but optimistic stance. While the short-term momentum appears bullish, driven by geopolitical risks and technical indicators, traders should watch for key resistance levels around $83/$87. On the downside, support levels at $76 and $72 will be critical to sustaining the recovery. While on the MCX front, immediate resistance in crude oil around 7000 levels followed by 7250. On the downside, the key support exists at 6500 and 6250. Market participants should remain vigilant about geopolitical developments and fundamental factors that could rapidly change the supply-demand dynamics.

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