FXstreet.com (Barcelona) - Crude oil bounced up above $74.00 a barrel once again this morning, helped by a weaker US dollar and strong Chinese exports. Currently the front-month crude contract trades at $74.41 where it is up nearly $1 since open.
A weakening US dollar this morning is contributing to release downward pressure on dollar-denominated commodities like crude, as the EUR/USD reaches upward of 1.2060 in the previous hour. What’s more, an unexpected jump in monthly Chinese exports yesterday gave markets a boost of confidence and ultimately higher risk appetite as it is a sign of strong global demand. Moreover, the API and EIA reported over the previous two days a slight reduction in crude stockpiles over the US helping to lift the price of crude higher in recent sessions.
With further bullish tendencies, Oil N’ Gold places the next resistance levels at $75.55 and later $76.72. On the downside, support levels are listed at $73.79 and $72.62.
