- Crude Oil
Oil prices fell for a third session on Wednesday as plans by major producers to raise output in April combined with concerns that US tariffs on Canada, Mexico and China will slow economic growth and hit fuel demand. The Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as OPEC+, decided on Monday to increase output for the first time since 2022. The group will make a small increase of 138,000 barrels per day from April, the first step in planned monthly increases to unwind its nearly 6 million bpd of cuts, equal to nearly 6 per cent of global demand. US President Donald Trump’s self-declared trade war is seen by economists as a recipe for fewer jobs, slower growth, and higher prices, which could kill demand. The lower economic growth will likely impact fuel consumption in the world’s biggest oil consumer. The Trump administration also said on Tuesday it was ending a license that the US has granted to US oil producer Chevron since 2022 to operate in Venezuela and export its oil. Meanwhile, US crude stocks fell by 1.46 million barrels in the week ended February 28, market sources said, citing American Petroleum Institute figures on Tuesday. Investors now await government data on US stockpiles, due on Wednesday.
- Cryptocurrency
Bitcoin price hovers around $88,400 on Wednesday after finding support around $85,000 on the previous day. Ethereum price found support around the $2,125 level, suggesting a recovery on the cards. XRP is approaching its daily resistance at $2.79; a firm close above this level hints at a further recovery, hinting at a recovery ahead of an upcoming White House Crypto Summit, where officials will explain their full plan for the reserve and what it means for the future of digital money in the US.
Bitcoin price faced rejection around the $95,000 level and declined 8.54% the next day. However, on Tuesday, BTC dipped below the daily support level at $85,000 but bounces and closes above it. This daily level roughly coincides with the 200-day Exponential Moving Average (EMA) at $85,759, making it a key support zone. On Wednesday, it trades slightly above at around $87,600. If the $85,000 level holds as support, BTC could extend the recovery to retest its Sunday high of $95,000. However, if BTC breaks and closes below $85,000, it could extend the decline to retest its next support level at $73,000.
- Gold
Gold reaching $2,917 today reflects the impact of President Donald Trump’s tariffs on Canada, Mexico, and China, which have driven investors to safe-haven assets. Fears of stagflation in the US and concerns about trade wars leading to inflation and a global growth slowdown have further bolstered gold’s appeal. Retaliatory tariffs from Canada and China and impending measures from Mexico contribute to the uncertain economic landscape, enhancing gold’s status as a reliable store of value.
Meanwhile, according to a recent survey, bond traders, convinced that tariffs will disrupt the US economy, show record-high bullish positions in Treasury markets. Which could further support gold.
On the chart, the precious metal seems to be on its way to retest the previous all-time high level recorded on February 24th. Gold opened today above the 9-Day SMA and could see resistance near previous highs at $2,954 and support just a little below the 20-Day SMA on the 4-hour chart at $2,879.
Gold prices in the UAE today are as follows:
24 Carat – AED 350.75
22 Carat – AED 326.25
21 Carat – AED 313.00
18 Carat – AED 268.25
