Daily Analysis UKOIL 2 May 2023

Oil prices are on the rise as investors await a week packed with central bank meetings and economic data. Brent crude oil is up by 0.3% to $79.52 per barrel. Investors are keenly watching Wednesday's meeting of the Federal Reserve, which is widely expected to result in another quarter-point rate increase. The European Central Bank is also meeting on Thursday to determine the direction of interest rates. The Friday jobs report will also be closely monitored, following recent indications of loosening in the labor market.

Later in the session, data from the American Petroleum Institute, an industry body, is expected to show a third consecutive drop in U.S. crude inventories, lending support to the market.

On Monday, WTI dropped over 1% after official data revealed an unexpected decline in China's manufacturing activity for April, raising doubts about the strength of the economic recovery in the world's largest crude importer.

Support: 80.80 – 79.00 – 77.00        Resistance: 83.60 – 85.00 – 86.40