Oil prices hovered near a 4-\u00bd 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\u2019 second-biggest producer- stating that it will cut crude exports to compensate for higher production so far in 2024<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
CURRENTLY MOVING ON UP TREND<\/mark><\/strong><\/p>\n\n\n\n Expecting correction up to 81.44<\/p>\n\n\n\n Today’s important levels for trading are 80.96, 81.71, 82.89 and 83.64<\/p>\n\n\n\n Trading Strategy for today: Buy On Dip<\/mark><\/strong><\/p>\n\n\n\n Trade setup:<\/mark><\/strong><\/p>\n\n\n\n Looking pullback Buy around@81.50, Deeper Buy around@80.95<\/p>\n\n\n\n Safe swing sell below 80.30,<\/p>\n\n\n\n Safe swing buy above 82.70<\/p>\n\n\n\n Oil prices hovered near a 4-\u00bd 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 […]<\/p>\n","protected":false},"author":1,"featured_media":434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,38],"tags":[],"class_list":["post-433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-technical-analysis"],"yoast_head":"\nRemark: This market analysis is published to increase your awareness, but not to give instructions to make a trade.<\/mark><\/h6>\n","protected":false},"excerpt":{"rendered":"