Crude jumped once again nearly +1.52% to settled at 4805 level rebounding from the previous session's sell-off as markets looked forward to a meeting of euro zone finance ministers in Brussels. Prices found support amid growing concerns over a disruption to supplies from Norway however gains were capped by sustained fears over the outlook for global economic growth. Although the employment report was weaker than expected, many investors said it was not bad enough to spur the Fed to launch a QE3. Investors continued to monitor rising bond yields for peripheral euro zone nations, amid sustained fears over the region's debt crisis. Also investors were also looking ahead to Chinese economic data out this week, including Q2 growth figures, to gauge whether China is a heading towards a hard or a soft landing. An unexpected rate cut from China last week stocked fears of a deeper than expected slowdown in economy. Meanwhile Brent prices have been well supported in recent sessions amid concerns over a disruption to supplies from Norway and a launch of Western led sanctions targeting Iranian oil exports. Now technically market is trading in the range as RSI for 18days is currently indicating 51.61, where as 50DMA is at 4830 and crude is trading below the same and getting support at 4753 and below could see a test of 4700 level, And resistance is now likely to be seen at 4835, a move above could see prices testing 4864.
Crude trading range for the day is 4700-4864.
Crude jumped as concerns over a disruption to supplies from Norway and a launch of Western-led sanctions.
NOIA, Norway's oil companies are prepared to completely shut down production if the government does not intervene.
Investors were looking ahead to Chinese economic data to gauge whether China is a heading towards a hard or a soft landing.
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