Oil Edges Higher, Gold Rises On FOMC | investing.com – Investing.com

Oil Edges Higher, Gold Rises On FOMC | investing.com – Investing.com

Oil markets ignored a rise in official US Crude , as they did with the API the day before, with both and recording rallies post a no-surprise FOMC. Brent crude rose 0.60% to USD67.00 a barrel, adding another 0.70% to USD67.45 a barrel in Asia. WTI, meanwhile, rose 0.95% to USD63.70, gaining another 0.50% to USD64.00 in Asia.

It appears that much of the negative news regarding higher OPEC+ output and India's Covid-19 situation is now baked into prices. The fall of the post-FOMC lifted oil markets which are myopically focused on the upside of the US recovery and the start of the US summer driving season.

Brent crude has very obvious resistance at USD68.00 a barrel, and support at USD64.00 a barrel, while WTI has support and resistance at USD60.50 and USD64.50 a barrel. I have stated before that a break of these broader levels will signal oil's next directional move. A blow-out US number today should see the resistance levels taken out with Brent crude targeting USD70.00 and WTI USD66.00 a barrel in the first instance.