From Investing.com: 2024-03-18 07:35:00

Financial markets are set for a busy week after a 4% gain last week. China’s mixed-bag data shows weakness in consumer and real estate figures but strength in investment and industrial data, hinting at potential growth drivers for 2024. Expect volatility as the week progresses. Central bank meetings and economic indicators from various countries add to market uncertainty.

Factors supporting oil prices include robust demand forecasts, weaker dollar, and strong commodity prices. Recent surge in oil prices attributed to supply concerns, increased demand, and unexpected US crude inventory declines. Market awaits global manufacturing PMI data on Thursday for further confirmation of bullish demand forecasts.

WTI faces key resistance levels at $79.00 and $80.00, breaking above which signals a clear path towards higher levels. Bulls hope oil can sustain above these levels to maintain positive momentum towards the mid-$80s. Current price testing $81.40 with further targets at $84.60. For bears, $76.79 is a key level to watch for a potential reversal.

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Read more at Investing.com: Crude Oil Targets $84 Amid Supply Concerns, Fed: Key Trading Levels to Watch