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Crude Futures Rise Amid OPEC Cuts Speculation

COMMODITIES
  • Crude prices have jumped to their highest levels in a week, driven by comments from Reuters’ sources that OPEC+ is considering extending voluntary output cuts into Q2 and could keep them in place until the end of the year. WTI APR 24 is up 1.6% at 78.83$/bbl.
  • Recent gains in WTI futures still appear corrective at these levels and key short-term resistance at $79.09, the Jan 29 high, remains intact. Clearance of this level would alter the picture and highlight a bullish development. A break would open $81.70, a Fibonacci retracement.
  • Shipping giant Maersk has warned that ongoing disruptions to flows through the Red Sea could drag into H2 2024, causing heavy congestion and delays for US bound goods, according to Reuters.
  • Oil markets remain rangebound this year despite Middle East risks and Red Sea shipping attacks because of limited impact on supplies so far according to RBC Capital’s Head of Commodity Strategy Helima Croft in an interview with CNBC.
  • Worth noting a decent bounce in iron ore on Tuesday but most highlighting that it's likely to be a relief rally rather than a major shift in sentiment. Market participants remain concerned over demand for raw materials in China.
  • Very little movement in precious metals in line with the narrow ranges for the USD index on Tuesday as market participants await US PCE inflation on Thursday.
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