Oil prices continue to rise amid the markets anticipation of the itnerest rate cuts following the Fed's chair Jerome Powell's speech in Congress.

Brent crude briefly dipped below its 200-period Simple Moving Average (SMA) of $81.913 on Thursday, March 29th, before rebounding to $83 per barrel following the release of the US Personal Consumption Expenditures (PCE) data.

Oil prices have ticked lower following the release of FOMC minutes, indicating a potential delay in the rate cuts.

Oil has moved below 100-period SMA (~81.654) following the International Energy Administration’s (IEA) decision to downgrade its oil demand outlook for this year.