OPEC Down-Regulated Q1 Crude Oil Supply Surplus Forecast, Oil Price Gained Rebound
Investors are suggested to consider marginal Long at around 76.00, Take-Profit at 77.10, Stop-Loss by 75.50.
US Oil once plunged to 74.27 yesterday, due to the concerns in market over Omicron may continues to impact the global transportation longer. However, one of the internal research paper from OPEC has revealed, the surplus supply on crude oil for Q1 is lower than the estimate, moreover, EIA Inventories holds the reduction greater than the forecast. This represent the market demand is still stronger than the expectation. Tonight, the OPEC JMMC meeting would be host, if OPEC shows optimistic attitude over the demand prospect, then would favoring the oil price to escape from the congestion zone for US Oil.
In Daily range, 5MA flattening, 20MA on climb, KD neutral. In 4Hrs range, 5MA up-bend, 20MA declining, KD prone Bull. In 60Mins range, 5 & 20MAs both advancing, KD in Bear. Although the short-term bull run has progressively eased, but since the rebound pattern has yet to call end, therefore, would expect the market price still holds the potential to appreciate.
(Information above is purely personal opinion, doesn’t represent platform’s standpoint. This opinion can only be use as reference)