Crude oil traded up gaining more than 9% from yesterday keeping above $45 a barrel and testing the resistance level at $45.70. Main news was the China’s signaling their continued investments into boosting growth. Furthermore Inventories report showed a decrease in inventories which were unexpected.
The contango narrowed as oil for delivery in May is more than $1 dollar a barrel higher than for Front month (April). The difference has narrowed from $2.83 Feb 23.
Support: 44.20 42.58 41.84
Resistance: 45.70 47.17 48.00
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