malaysia forex trading time–HXFXglobal reminds you:
Russian Output Is Expected To Fall, US oil Could Soon To Rebound
The decline in oil demand is lower than the decline in Russian production, and the war between Russia and Ukraine continues, and US oil is expected to rise in shock.
【Operation suggestion】
Aggressors can bargain hunting at 96.1, Target 98.5, Stop-Loss by 95.1. Non-aggressors could wait for short-term stability.
【Fundamentals】
EIA released inventory data on Wednesday, crude oil inventories increased by 4.345 million barrels, gasoline inventories fell by 3.615 million barrels, the overall impact of the oil market is neutral. The International Energy Agency (IEA) said yesterday that the growth rate of global crude oil demand in 2022 is expected to fall by 950,000 barrels, but Russia may stop 3 million barrels per day of crude oil production from April. In addition, it may take a while to increase production from Iran and other countries, and the EIA report yesterday also showed that U.S. crude oil production did not increase. In addition, Russia and Ukraine are in a stalemate on the recognition of the sovereignty of the Republic of Crimea, Donetsk and Luhansk, and the war between the two countries continues, which will support the US Oil to rise.
【Technical】
Day K closed higher, below 5, 10, 20MA, and above 60MA, and the short-term is a shock pattern. In the 1H level K-line, the KD rises after the gold cross, the MACD positive value column is increasing, and the rising kinetic energy is strengthened. It is recommended to bargain hunt when the price pulls back with light position.
(The information above is purely personal opinion does not guarantee profit, moreover, does not represent HXFX Global’s standpoint. Investment includes risks, cautious required prior conducting.)
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