Crude oil futures settle at $83.71 a barrel

The worth of the WTI crude oil futures are settling at $83.71 – its highest shut since October 27, 2023. The worth is up $0.54 or 0.77% on th day. The excessive value right this moment reached $84.49. The low value was at $82.60.The beneficial properties right this moment come after a 3.2% enhance final week.

China’s Caixan Manufaturing PMI Information got here in higher than anticipated. The constructive manufacturing information from China, confirmed growth for the primary time in six months in March, and supported the demand outlook for oil. The Caixan index got here in at 51.1.

The financial challenges within the Chinese language property sector, don’t appear to be impacting the demand for crude oil.

Crude oil rose for the third consecutive month in March with a achieve of 6.27%. That comes after a achieve of three.18% in February and a achieve of 5.86% in January.

In the meantime, OPEC and its allies have pledged to increase manufacturing cuts till the tip of June, doubtlessly tightening the provision in the course of the summer time months within the Northern Hemisphere.

Technically, the worth moved above the March 19 excessive at $83.12 right this moment (see chart beneath), and prolonged as much as take a look at the 61.8% retracement of the transfer down from the 2023 excessive at $84.59. The excessive value right this moment fell wanting that retracement stage by $0.10 earlier than rotating decrease into the shut.