Saudi Crude Oil Facility Been Attacked, US Oil Skyrocketed
Oil prices rose sharply after Yemen’s Houthis attacked Saudi crude oil facilities over the weekend.
Investors are suggested to bargain hunt with current price, Target 114.20 and Stop-Loss by 112.50.
As the war between Russia and Ukraine continues, voices within the EU to support a crude oil ban on Russia are growing. The possibility of the European Union expanding energy sanctions on Russia has sparked bullish sentiment on oil prices. Over the weekend, Yemen’s Houthi rebels launched an attack on Saudi crude oil facilities, which also brought momentum to oil prices. Overall, there is a high probability that US oil will maintain a bullish trend in the short term.
In the 60-minute level chart, (5,10,20MA) three moving averages are bullish arrangement, the MACD’s incline strength is slightly reduced but still exist, the KD is passivated above 80. Looking at the above indicators, U.S. oil is expected to maintain an upward trend in the short-term, and investors are advised to seize the opportunity for bargain hunting.
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