Published on 12/03/2018 10:56:43 AM | Source: Enrich Commodities India Pvt Ltd

Crude Oil markets rallied sharp on Friday and climbed on Monday - Enrich Commodities

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Oil markets rallied sharp on Friday and climbed on Monday on the back of a drop in the number of U.S. rigs drilling for more production and as the U.S. economy sustained to create jobs, which industry hopes will drive higher fuel demand.

The Labor Department said on Friday that The U.S. economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month.

According to Baker Hughes energy services firm on Friday - In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months, with drillers cutting back four rigs, to 796.

Technical outlook

Crude oil daily chart has formed "Symmetrical triangle” pattern. The last session been a strong bullish one. The market is expected to continue in bullish momentum, once the same breaks above a key resistance holding at $63(4093). The upside rally could test all the way through $64-65(4158-4223) 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 $61-60(3963-3898) levels. Key Support holds at $60(3898).

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