Crude Oil on Thursday 16th March 2017, Crude Oil March futures prices up by 14 pts (0.44%) closed at 3192, trading range between 3172-3245.On the New York, Mercantile Exchange, Crude oil for February delivery on the New York Mercantile Exchange to settle at $48.75 a barrel.
Crude oil prices surged higher on Thursday. Crude Prices were initially higher following Wednesday unexpected draw in crude oil inventories. New that China’s crude oil production dropped by 8% annually to 31.44 million tons in January and February, also helped buoy prices.
If crude inventories remain high, the Organization of Petroleum Exporting Countries (OPEC) could extend its oil output cut deal, the Saudi energy minister said on Thursday.
But OPECs monthly report showed global oil inventories increased in January to 278 million barrels above the five-year average.
"Saudi Arabian Energy Minister Khalid Al-Falih continued to express concern about high global inventories," ANZ said in a note. "However, he did reiterate that the market is currently going in the right direction and fundamentals had improved."
Meanwhile, market participants turn attention to Baker Hughes rig count, due to be released today.
Traders may note today’s economic event
Friday, March 17th
U.S. Baker Hughes Oil Rig Count (GMT 23:30 Local Time 11.30 Pm)
Baker Hughes will release weekly data on the U.S. oil rig count.
Actual – 617 PREVIOUS – 609
The Baker Hughes rig count is an important business barometer for the oil drilling industry. When drilling, rigs are active they consume products and services produced by the oil service industry. The active rig count acts as a leading indicator of demand for oil products.
Crude oil prices surged higher and then reversed course mid-day. We looking 1 hour chart in crude oil market formed "symmetric triangle" in this pattern the current downtrend in price may continue through steady and break either side will react trend move. we draw long green resistance line at 3200.if break above triangle then go to the 3220-3240 level, place your stop loss 3167. Although alternatively break below support line and close the candle at 3165, Generating fresh sell below order at 3165 target 3140-3100 stop loss at 3200.
Today Research Reports call:
Crude Oil Dips on Buy 3200-3190 target 3220-3250 stop loss at 3165.
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