Concerns In Crude Oil Oversupply Heats-Up, U.S. Oil Might Sways For Depreciation
India will import more Russian crude oil, and the epidemic in many Asian countries is heating up, and US oil may continue to fall.
Aggressors can be marginal short at 99.5, Target 94.5, Stop-Loss by 102.0.
The fourth round of talks between Russia and Ukraine was held by video conference yesterday, and no specific results were announced, but the two sides will continue to negotiate on the 15th, and the situation between the two countries is expected to ease and push US oil down. In addition, market news pointed out that the Indian government is preparing for the settlement mechanism between the Indian rupee and the Russian ruble, and is planning to purchase more Russian crude oil at preferential prices. In the past, India’s imports of Russian crude oil only accounted for 2℅-3℅ of the country’s total imports, indicating that the supply of Russian crude oil will still circulate in the market. Previously, the United States and its allies have released a large amount of crude oil reserves. In addition, the resurgence of the new crown epidemic in Asia, China, and South Korea has cast a shadow on the recovery of crude oil demand, which may turn the oil market into oversupply, which is not conducive to the rise of oil prices.
Day K closed lower, below 5, 10MA, above 20, 60MA, and the short-term is a weak shock form. In the 4H level K line, KD falls after dead cross, MACD maintains a negative column, and the bearish momentum continues. It is recommended to marginal short with light positions when the price rebound.
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