Market News Summary
Oil prices touched new levels on Wednesday, with Brent crude reaching its highest price since January. A significant decrease in US fuel inventories and production cuts by Saudi Arabia and Russia have counteracted concerns about slowing demand from China.
Brent crude rose by 1.6% to $87.55 per barrel at the close. West Texas Intermediate (WTI) crude, the US benchmark, increased by $1.48 or 1.8% to $84.40 per barrel.
Dollar Index (USDX)

Excluding volatile food and energy prices, the core Consumer Price Index also rose by 0.2% for the month, equivalent to a 12-month rate of 4.7%, slightly below expectations of 4.8%. Inflation in the US has risen to 3.2%, slightly below the forecasted 3.3%.
The dollar is currently trading above its pivotal point at $102.40, rising after the inflation news.
Pivot point: 102.20
Resistance level | Support level |
102.75 | 101.85 |
103.05 | 101.30 |
103.65 | 100.95 |
Spot Gold (XAUUSD)

Gold prices edged lower near their lowest levels as the US dollar index rose and there was strong movement in the bond market following a 30-year bond auction.
Gold is currently trading below its pivotal point at $1913 per ounce, decreasing after the inflation news.
Pivot point: 1917
Resistance level | Support level |
1924 | 1905 |
1936 | 1899 |
1942 | 1887 |
Dow Jones Index (DJ30ft – US30)

The US indices closed with marginal collective gains in yesterday’s Thursday session, amidst volatile trading. Most of their early gains were eroded following the announcement of inflation data, all while long-term economic concerns for the US economy persisted.
The Dow Jones index edged up by 0.15%, equivalent to approximately 52 points, after two consecutive sessions of losses. The S&P 500 index closed stable at 4468 points. Meanwhile, the Nasdaq index saw an increase of around 0.12% during Thursday’s session and a rise of about 1.1% since the beginning of the week.
Pivot point: 35365
Support level | Resistance level |
35070 | 35550 |
34885 | 35845 |
34590 | 36030 |
US Crude (USOUSD)

Oil prices retreated at the conclusion of yesterday’s Thursday trading session, as speculations regarding a US interest rate hike waned amid investors’ assessment of inflation data.
At the close, Brent crude contracts declined by about $1.15, equivalent to 1.3%, settling at $86.40 per barrel. Meanwhile, West Texas Intermediate (WTI) crude dropped by approximately $1.58, or 1.9%, to reach $82.82 per barrel.
Pivot point: 83.45
Resistance level | Support level |
84.30 | 82.00 |
85.70 | 81.20 |
86.55 | 79.75 |
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