Oil Prices Rebound on Weaker Dollar, Fed Uncertainty

Mumbai, 02 May (CommoditiesControl): Oil prices bounced back on Thursday, recovering from a 3% dip in the previous session, as a softer U.S. dollar provided support.

Brent crude and WTI both rose by 0.65% to $84.10 and $79.56 a barrel, respectively.

However, the Federal Reserve's cautious stance on inflation and uncertain timing of rate cuts cast shadows over the market. Moreover, the Energy Information Administration's report revealing a significant increase in U.S. crude oil stocks added further pressure.

In the MCX, crude oil gained 0.50%, currently trading at 6655, with a trading range of 6630-6670 and low volume. While the future contract is trading around the flat 21-EMA, crossing the hurdle of 6680 could signal an upside target of 6757, while initial support rests at 6550.


(By Commoditiescontrol Bureau; +91-9820130172)