Oil prices hovered near a 4-½ month high in Asian trade on Tuesday as softer exports from Iraq and Saudi Arabia furthered the notion of tighter markets this year, although sentiment remained on edge before a Federal Reserve meeting. Oil prices surged over the past week as signs of increased U.S. refinery activity, improved Chinese demand and persistent disruptions in the Middle East presented a tight outlook for oil markets. This notion was furthered by Iraq- the Organization of Petroleum Exporting Countries’ second-biggest producer- stating that it will cut crude exports to compensate for higher production so far in 2024
WTI steadied at $82.19 a barrel by 20:14 ET (00:14 GMT). Both contracts rose over 2% on Monday and were close to highs last seen in early-November.
CURRENTLY MOVING ON UP TREND
Expecting correction up to 81.44
Today’s important levels for trading are 80.96, 81.71, 82.89 and 83.64
Trading Strategy for today: Buy On Dip
Trade setup:
Looking pullback Buy around@81.50, Deeper Buy around@80.95
Safe swing sell below 80.30,
Safe swing buy above 82.70