Saudi Arabia supports Russia to stay in OPEC+, and the shortage of energy supply still exists, which is beneficial to US oil.
Investors are suggested to bargain hunt after the price pulls back to 110.50, Target 112.70, and Stop-Loss at 109.30.
The Saudi energy minister said last week that Saudi wants to reach a deal with OPEC+. A new production agreement is on the agenda as the OPEC+ production quota scheme, which has been in place since April 2020, is due to expire in three months. At the same time, Saudi Arabia also supports Russia to stay in OPEC+, saying that the world should appreciate the value of producer alliances. As OPEC+ refuses to increase production, the superimposed new production agreement may maintain the current energy supply shortage. Therefore, considering the above factors, the US oil market will rise in fluctuation.
In the 4-hour K-line chart, the K-line is currently running around the middle rail of the Bollinger Bands in a congestion area; the KD indicator is up; the MACD indicator’s bullish kinetic energy still exists. The overall study is judged to be a volatile bullish trend.
*Information above belongs to 3rd party media comments, can only be used for references and doesn’t represent our platform’s opinion. Investors should maintain sole-determination, self-evaluation required and be responsible for their own action.
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Disclaimer: Information above can only be use for references and doesn’t represent our platform’s opinions.
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