Oil Buoyed by Saudi talk of Extending Output Cuts Into 2019 | Today Commodity Market News 24 March 2018.

Oil prices rose on Friday after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019.

Oil's rise defied a slump in global stock markets, which fell in response to worries about a trade stand-off between the United States and China. Gold, seen as a safe haven, hit a two-week high.

Brent crude futures were at $69.10 per barrel at 1136 GMT, up 19 cents but off a session high of $70. For the week, Brent was up about 4.4 percent, its strongest showing since October.

U.S. West Texas Intermediate (WTI) crude futures were at $64.57 a barrel, up 27 cents but below a session high of $65.42. On the week, WTI was up about 3.6 percent.

Zinc prices edged lower in today’s session and are under selling pressure. On hourly chart RSI is below 40 levels, indicating weakness in prices. Currently, it is trading near the important support level of 207.70. Close below the prescribed level can push prices lower towards 205 levels.

If prices sustian above 209.70 levels then it can rally up till 211 levels.