Oil prices touched new levels on Wednesday, with Brent crude reaching its highest price since January. A significant decrease in US fuel inventories and production cuts by Saudi Arabia and Russia have counteracted concerns about slowing demand from China.
Brent crude rose by 1.6% to $87.55 per barrel at the close. West Texas Intermediate (WTI) crude, the US benchmark, increased by $1.48 or 1.8% to $84.40 per barrel.
Excluding volatile food and energy prices, the core Consumer Price Index also rose by 0.2% for the month, equivalent to a 12-month rate of 4.7%, slightly below expectations of 4.8%. Inflation in the US has risen to 3.2%, slightly below the forecasted 3.3%.
The dollar is currently trading above its pivotal point at $102.40, rising after the inflation news.
| Resistance level | Support level |
| 102.75 | 101.85 |
| 103.05 | 101.30 |
| 103.65 | 100.95 |
Gold prices edged lower near their lowest levels as the US dollar index rose and there was strong movement in the bond market following a 30-year bond auction.
Gold is currently trading below its pivotal point at $1913 per ounce, decreasing after the inflation news.
| Resistance level | Support level |
| 1924 | 1905 |
| 1936 | 1899 |
| 1942 | 1887 |
The US indices closed with marginal collective gains in yesterday’s Thursday session, amidst volatile trading. Most of their early gains were eroded following the announcement of inflation data, all while long-term economic concerns for the US economy persisted.
The Dow Jones index edged up by 0.15%, equivalent to approximately 52 points, after two consecutive sessions of losses. The S&P 500 index closed stable at 4468 points. Meanwhile, the Nasdaq index saw an increase of around 0.12% during Thursday’s session and a rise of about 1.1% since the beginning of the week.
| Support level | Resistance level |
| 35070 | 35550 |
| 34885 | 35845 |
| 34590 | 36030 |
Oil prices retreated at the conclusion of yesterday’s Thursday trading session, as speculations regarding a US interest rate hike waned amid investors’ assessment of inflation data.
At the close, Brent crude contracts declined by about $1.15, equivalent to 1.3%, settling at $86.40 per barrel. Meanwhile, West Texas Intermediate (WTI) crude dropped by approximately $1.58, or 1.9%, to reach $82.82 per barrel.
| Resistance level | Support level |
| 84.30 | 82.00 |
| 85.70 | 81.20 |
| 86.55 | 79.75 |
All investments entail risks and can result in both profits and losses. Leveraged products, in particular, may not be appropriate for all investors as the effect of leverage is that both gains and losses are magnified. Before deciding to invest in any financial product, you should carefully consider your investment objectives, financial knowledge and experience and affordability as the prices of leveraged products may change to your disadvantage very quickly, it is possible for you to lose more than your invested capital and you may be required to make further payments.
Wednesday's highly anticipated tariff announcement comes at a precarious time for both the economy and…
Event Overview Organized by HQMena, Money Expo Mexico gathered enthusiasts of the global markets, as…
STARTRADER: We Grow in Business and Spirit Dubai, March 22 – Reflecting its deep-rooted belief…
Key Factors Central Bank Policies Fed’s stance on inflation and growth, particularly the likelihood of…
Dear Valued Clients, Please be advised that the following instruments' trading hours and market session…
Dear Valued Client, Please be informed that the trading hours for the following products will…
This website uses cookies.