Crude oil closed higher by 0.66% at 6594, as oil traders eagerly await insights from OPEC regarding global balances, demand forecasts, and supply dynamics. Iraqi Oil Minister Hayan Abdul Ghani emphasized the necessity for OPEC members to agree on voluntary oil production cuts, indicating Iraq's reluctance to accept additional reductions proposed by the OPEC+ group. This stance underscores the delicate balance within the organization as it navigates market dynamics. 

Amidst these deliberations, data revealing increased crude oil imports in China for April signals a potential uptick in demand from the world's largest crude importer, contributing to market optimism. However, the U.S. EIA revised its earlier estimates, forecasting slower growth in world oil demand alongside increased production from regions outside OPEC. This adjustment suggests a more balanced market outlook, albeit with nuanced shifts in supply and demand dynamics. 

From a technical perspective, the crude oil market witnessed short covering, with a notable decrease in open interest alongside a price increase of 43 rupees. Support for crude oil stands at 6526, with a potential downside target of 6459, while resistance is expected at 6650, potentially leading to a test of 6707 upon breach. Traders will closely monitor OPEC's upcoming report for guidance on market fundamentals while keeping a keen eye on demand trends, supply dynamics, and geopolitical developments to navigate crude oil price movements in the near term

Source: Investing.com 

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