Oil futures rebounded in Asian trade on Wednesday, buoyed by a forecast for a less than expected build in crude oil stockpiles last week.
A weakening dollar also lent some support but concern that a two-month rally was fading in an oversupplied market put a ceiling on gains.
Oil prices fell about 3 percent in the previous session after Kuwait and Saudi Arabia said they would resume production at the jointly operated 300,000-barrel-per-day Khafji field even as oil output is supposed to be capped.
But rebounded again after weakening of Dollar. We expect more rebound during Euro Session on Wednesday.
RSI start to moves in buying area which indicates more bullish more movement for Crude oil.
Today Range for Crude oil is 40.12 and 37.29
Our preference:- long above @38.27 with target 40.42 to test nearest resistance.
Alternative :- Short below @38.27 with target 37.02 for further retracement.
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