What are the 13 July Crude oil price drivers? ADS Securities' team of market analysts have the answer. They hint at the bullish momentum in the near term.
13 July, ADS Securities – The Brent Crude plunged in the previous session, after the Organisation of the Petroleum Exporting Countries (OPEC) stated that its crude oil production rose in June, driven by increasing production in Saudi Arabia, Libya and Nigeria.
13 July Crude oil price drivers
At present, the commodity is trading with a slight upside bias on the 1H chart, suggesting at a bullish momentum in the coming session. However, the MACD indicator is tranquil below its centreline, hinting at possible correction over intraday basis. Important technical resistance is placed at the $48.10 level, followed by the $48.50 and $49.00 levels.
A surge above the latter might lead to positivity in oil prices. On the flipside, key nearterm support is seen at the $47.30 level, followed by the $46.90 and $46.50 levels. If the latter fails to hold, it might generate further bearish pressure on the commodity.
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