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Recent Price Movements
On Thursday, oil prices experienced a notable increase of over 1%, largely influenced by a significant interest rate cut from the U.S. Federal Reserve. This monetary policy shift has given Brent crude a much-needed boost, allowing it to recover from a concerning dip below $69 last week, marking the lowest point seen this year. Currently, Brent crude is trading above $74, indicating a positive momentum amidst fluctuating market conditions.
China’s Refinery Output and Economic Slowdown
In a broader context, refinery output in China has witnessed a decline for the fifth consecutive month as per recent data released by the National Bureau of Statistics. This trend corresponds with a slowdown in the country’s industrial output growth, which has dropped to a five-month low. Additionally, China’s retail sales and new home prices have exhibited further signs of weakness, raising concerns about the overall stability of the economic environment.
Market Predictions for MCX Crude Oil
In the MCX (Multi Commodity Exchange) market, crude oil prices saw an upward bounce, reaching 6050. Traders should keep a close watch on resistance levels around 6130 and 6250. Conversely, the support levels are identified at 5970 and 5850, which could prove critical in determining future price movements. As economic indicators continue to evolve, market participants are advised to stay informed, as these developments directly influence crude oil trends globally.
