Sat, Apr 01, 2023 @ 04:32 GMT

US Oil Bounces Back

WTI crude bounces higher as upbeat Chinese PMI brightens the demand outlook. On the daily chart, the price is still in a range trading mode between 72.50 and 82.20. A break above 77.50 has sent sellers packing and set the stage for another leg of rebound with 79.00 as the next target. Solid momentum may even push the commodity to the recent peak at 80.50. 76.10 is the support to gauge the strength of follow-up bids in case of a pullback, and 75.00 is a key level to keep the upward bias intact in the short-term.

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