{"id":108552,"date":"2024-11-22T19:08:00","date_gmt":"2024-11-22T15:08:00","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=108552"},"modified":"2024-11-22T20:10:47","modified_gmt":"2024-11-22T16:10:47","slug":"oil-markets-eying-weekly-gains-following-pmi-data","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/oil-markets-eying-weekly-gains-following-pmi-data\/11\/22\/market-updates\/","title":{"rendered":"Oil Markets Eying Weekly Gains Following PMI Data"},"content":{"rendered":"\n<p>Crude Oil prices rebounded after a volatile Friday, driven by a surge in the US dollar and positive economic indicators from the United States. The US Dollar Index hit a two-year high, benefiting from the weaker Eurozone economy and strong US economic data.<br><br>The geopolitical tensions between Russia and Ukraine continue to fuel uncertainty in the oil market. Russia&#8217;s expansion of its target list to include a Polish military base has further escalated the conflict. While OPEC+ is expected to delay plans to increase oil production, the market remains focused on the evolving geopolitical situation and its potential impact on global oil supply.<br><br><strong>Technical Analysis<br><\/strong><br>Crude Oil prices are poised to close the week with a significant gain, driven by geopolitical tensions and a strong US dollar. However, analysts caution that the recent price surge may be a short-term reaction to heightened tensions and could be followed by a potential pullback.<br><br><strong>Key Technical Levels:<br><\/strong><br>\u2022 Resistance: 55-day SMA ($70.13), 100-day SMA ($72.77), 200-day SMA ($76.45)<br>\u2022 Support: $67.12, $64.75, $64.38<br><br>Traders should monitor the geopolitical developments between Russia and Ukraine closely, as any escalation could lead to further price volatility. Additionally, the upcoming OPEC+ meeting and the weekly Baker Hughes US Oil Rig Count will be key factors influencing the oil market in the near term.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crude Oil prices rebounded after a volatile Friday, driven by a surge in the US dollar and positive economic indicators from the United States. The US Dollar Index hit a two-year high, benefiting from the weaker Eurozone economy and strong US economic data.The geopolitical tensions between Russia and Ukraine continue to fuel uncertainty in the &hellip;<\/p>\n","protected":false},"author":13,"featured_media":93837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8541,6936],"class_list":["post-108552","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-geopolitical-tensions","tag-oil-prices"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/108552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=108552"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/108552\/revisions"}],"predecessor-version":[{"id":108568,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/108552\/revisions\/108568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/93837"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=108552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=108552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=108552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}