Crude Oil prices settled higher on Thursday and continue to trade higher on Friday after the International Energy Agency said global crude demand would hasten this year, but warned supply is growing at a faster pace. For the week, the contract is set to post a decline of around 1.3 percent, following last week’s 1.3-percent gain.
The IEA raised its forecast for oil demand this year to 99.3 million barrels per day (bpd) from 97.8 million bpd in 2017, and added that commercial oil inventories in industrialized OECD nations rose in January for the first time in seven months.
Crude oil daily chart has formed "Symmetrical triangle” pattern. The last few sessions ended up consolidated near the tip of the triangle. The market is expected to continue in bullish momentum, once the same breaks above the key resistance holding at $61.50(3994). The upside rally could test all the way through $62-63(4027-4092) levels in the upcoming sessions. Alternatively, if the resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test $60- 59(3897-3832) levels. Key support holds at $59(3832).
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