Get Profitable Crude Oil Market News

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Market Outlook
Gold prices were little changed near the prior session’s one-week on Wednesday, as investors awaited fresh signals about the timing of the next U.S. interest rate hike while looking ahead to an upcoming meeting between U.S. Oil climbed to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply outage at a field in the United Kingdom’s North Sea that feeds into an international benchmark price. Base metals prices increased across the board during London Metals Exchange premarket trading on Wednesday April 5 as China returned after a two-day public holiday.

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Fundamental News
The Federal Reserve will release minutes of its most recent policy meeting on Wednesday. The U.S. central bank raised its benchmark interest rate by 25 basis points following its meeting on March 15 and stuck to its projection for two more hikes this year.

U.S. crude stocks fell by 1.8 million barrels last week to 533.7 million, still a near all-time record, according to data released late Tuesday from the American Petroleum Institute.

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Gold showed bearish movement and found the important support level of 28730. Now if it will sustain below the important support level of 28650 then 28400 will act as next support level. On the other hand 29000 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 42175. Now if it will sustain below 42150 then 41700 will act as next support level. On the other hand 42750 will act as a major resistance level.

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Crude showed sideways movement and found the important support level of 3300. Now if it will close below the important support level of 3290 then 3250 will act as next support level. On the other hand 3375 will act as a major resistance level.

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Copper showed bullish movement and found the important support level of 387. Now if it will close below the important support level of 380 then 374 will act as next support level. On the other hand 390 will act as a major resistance level.

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