Mumabi, 2 April (CommoditiesControl):
WTI crude futures rose to above $84 a barrel on Tuesday, currently trading at high levels of $84.90 not seen since late October, amid geopolitical concerns and prospects of higher demand.
The recent Israeli airstrike on Iran's embassy in Syria, resulting in significant casualties including Iran's top commander, has heightened tensions in the Middle East. Additionally, plans by Mexican state-controlled oil company Pemex to reduce crude exports in the near future have further exacerbated worries about supply constraints.
Expectations for OPEC to maintain current output policies have also contributed to the upward trajectory of oil prices. The organization is set to review market conditions and members' adherence to production targets at its upcoming joint ministerial meeting.
On the demand side, stronger-than-anticipated manufacturing PMIs in both the US and China have bolstered confidence that demand will rebound, further supporting the surge in oil prices.
In the MCX market, crude oil has surged by (+1.10%), currently trading at 7074, marking its highest level since December 23. With the price hovering above its first resistance level of 7064, the next target is set at 7131. However, on the downside, support levels are identified at 6911-6825.
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