India’s Oilmeal Exports Decline by 7% in First Eight Months of 2024-25: Impact on Crude Oil Prices
India’s oilmeal exports declined by 7% in the first eight months of 2024-25, according to data from the Solvent Extractors Association of India.
Key Drivers of Crude Oil Prices
The decline in oilmeal exports may lead to a decrease in demand for crude oil, which could put downward pressure on prices.
Expert Trading Tips and Analysis
Expert Trading Tips and Analysis for Crude Oil, Gold, Silver, XAUUSD, and Natural Gas
- Crude Oil Trading Tips: Sell oil futures.
- Gold Trading Tips: Buy gold futures on dips.
- Silver Trading Tips: Watch for breakout above $18.50.
- XAUUSD Trading Tips: Buy on dips.
- Natural Gas Trading Tips: Track weather forecasts.
Key Market Data
- Crude oil prices fell 1% to $74.50/bbl
- Global crude oil demand decreased by 2% year-over-year
- US crude oil imports rose by 5% year-over-year
Market Outlook
The current market sentiment is bearish for crude oil, with investors expecting further price declines amid ongoing demand concerns.
Technical Analysis
Technical Analysis: Crude Oil Prices
- Support levels: $73.50, $72.50
- Resistance levels: $76.50, $77.50
Trading Strategies
Trading Strategies for Crude Oil Amid Decline in Oilmeal Exports
Investors should track oilmeal export data and demand trends and adjust their trading strategies accordingly.
Future Outlook
Crude Oil Price Forecast: What to Expect from Global Demand Trends
Experts predict crude oil price fluctuations amid ongoing demand uncertainty.
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