From Investing.com: 2024-03-04 05:53:00

Oil prices surged following the decision to extend supply cuts, with Asian demand playing a significant role. A volatile week is expected with various data releases, including the US payrolls report. Unless global data weakens, prices are likely to rise further due to ongoing OPEC+ intervention and a bullish breakout.

WTI chart analysis indicates potential for further gains after breaching key resistance levels. Bulls must defend the newfound ground around $79.00-$80.00 for prices to target $83.00 and $84.60. A breach below $78.00 could trigger a rapid reversal, although this scenario is not the base case.

OPEC+ extended supply cuts to mid-year to prevent a global surplus and boost prices. Saudi Arabia and Russia led this effort to offset seasonal fuel consumption dips. It remains to be seen if traders will capitalize on this decision, as economic uncertainties persist in China, and rising US supplies pose a risk to price stability.



Read more at Investing.com:: Crude Oil Set for More Gains as OPEC+ Extends Cuts: $83 Likely Ahead of Key Data