Oil Surges Beyond $90 Due to Supply & Positive Economic Signals
Industrial output in China grew at a faster pace than expected in August, signalling the positive role recent support measures played in stabilizing the sluggish economic recovery. According to data released by the National Bureau of Statistics on Friday, September 15, industrial production increased by approximately 4.5% in August on a year-on-year basis, compared to a 3.7% increase in July, and surpassing expectations of a 3.9% rise.
In Europe, European stock markets closed higher on Thursday as investors in the region assessed the European Central Bank’s decision to raise interest rates once again. The European Central Bank decided to increase interest rates by 25 basis points, marking the tenth consecutive increase, bringing the main interest rate to 4%, the highest ever.
The dollar index, which measures the currency against major counterparts, declined by 0.11% to 104.93 as expectations grew that the Federal Reserve would maintain interest rates at their current levels next week.
| Resistance level | Support level |
| 105.65 | 104.75 |
| 105.95 | 104.25 |
| 106.50 | 103.90 |
Gold prices rose by 0.22% to $1,916.80 per ounce, supported by a slight decline in the dollar during the Asian session today.
| Resistance level | Support level |
| 1915 | 1903 |
| 1920 | 1896 |
| 1927 | 1891 |
US indices closed with collective gains yesterday, supported by investor optimism about interest rate stability following better-than-expected economic data.
Retail sales exceeded expectations in August due to rising gasoline prices, while initial claims rose to 220,000.
The Dow Jones index rose by 0.96%, equivalent to 331 points, marking its highest daily gain in 5 weeks, closing above the 34,900 level. Additionally, both the S&P 500 and the Nasdaq indices rose by approximately 0.8% each, achieving their second consecutive daily gains.
| Resistance level | Support level |
| 35430 | 35025 |
| 35580 | 34765 |
| 35840 | 34615 |
Oil prices rose yesterday to their highest levels this year, as supply concerns outweighed worries about economic growth weakness and rising US crude inventories.
Brent crude rose by $1.82, or 1.98%, to settle at $93.70 per barrel, after touching $93.89, its highest level since November 2022.
West Texas Intermediate (WTI) crude gained about $1.64, or 1.85%, to reach $90.16 per barrel, closing above $90 for the first time since November.
| Resistance level | Support level |
| 91.40 | 89.30 |
| 92.15 | 87.95 |
| 93.50 | 87.20 |
This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this material.
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