Crude oil traded near the highest this month, heading for a weekly increase, after the U.S. trade deficit unexpectedly narrowed and OPEC failed to reach an accord on output targets yesterday also settled firm by +0.57% at 4548.
A separate report showed jobless claims unexpectedly rose. The OPEC on JULY 8 failed to agree quotas for the first time in at least 20 years.
The US Dept of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending JULY 4 rose by 1K to a seasonally adjusted 427K in the week ended JULY 4.
The prior week's figure was revised to 426k from an originally reported 422k. A stronger U.S. dollar weighed, as the greenback bounced back against the euro and gained versus a basket of currencies. The dollar index was up 0.47% to trade at 74.66.
Saudi, Kuwait, Qatar and the UAE voted for a 1.5mbpd increase in oil production. Now technically market is trading in the range as RSI for 18days is currently indicating 48.65, where as 50DMA is at 4704.2 and crude is trading below the same and getting support at 4515 and below could see a test of 4482 level, And resistance is now likely to be seen at 4578, a move above could see prices testing 4608.
