Mangalore Refinery and Petrochemicals was another Indian refiner looking to boost contract volumes, seeking a 14% uplift to 40,000 bpd while raising optional purchase volumes to 15,000 bpd from 10,000 bpd in 2020/21.
A fall from the current level is expected to end above a support at $61.02. A fall below this level could suggest the current wave count is incorrect. A review will be done then.
On the daily chart, the uptrend towards the Jan. 8, 2020 high of $71.75 has resumed. A realistic target could be $67.50, the 486.4% projection level of an uptrend from $39.34.
Palm oil is expected to retest this strong barrier. However, it may fail again and start a much shallower correction than the former one from 3,631 ringgit.
Immediate resistance is at $63.04, a break above which could lead to a gain to $63.54. Only a further rise could signal the continuation of the uptrend.
"There's a great deal of optimism in the air and that's one of the biggest reasons we've seen this rise in interest rates in the US and globally," Tom di Galoma, at Seaport Global Holdings, said.
A break below $59.91 could cause a fall to $59.38. The current wave count will be reviewed, if oil falls to this level. A break above $60.51 could signal the continuation of the uptrend.
Toyota climbed 3.48 percent to 8,413 yen after it announced plans to sell electric vehicles in the US market, seen as a key step in its shift towards EVs.
US crude inventories dropped unexpectedly last week, declining by more than 6 million barrels as refiners increased output to pre-pandemic levels, according to the Energy Information Administration.
US crude inventories dropped unexpectedly last week, declining by more than 6 million barrels as refiners increased output to pre-pandemic levels, according to the Energy Information Administration.