Chevron Called “Oil Prices Would Spike To Over $100”, US Oil Skyrocketed
Crude Oil Benchmark Company Chevron Forecast Oil Prices Are Expected To Exceed $100 This Year
Investors are recommended to consider marginal Long at market price, Target 93.00, Stop-Loss by 91.40.
With the risk of conflict between Russia and Ukraine and the turmoil in the Middle East, crude oil prices have continued to rise. Commerzbank analysts said that the risk premium of the conflict between Russia and Ukraine affecting supply has reached nearly $10USD per barrel. Crude oil benchmark company Chevron recently stated that the risk of geopolitical tension and the supply bottleneck are severely impacting the crude oil market. It is expected that the oil price will exceed US$100 this year. Looking at the above factors, the short-term trend of US Oil is estimated to maintain a volatile upward trend for the near future.
In 4Hrs range, (5,10,20)Tri-MAs remained aligning to the Bullish pattern. Although the longing momentum did gradually reduced on MACD, but it is still evident. RSI stabilized on top of 50. To conclude, US Oil may face the minor pullback for the short-term, however, since the overall tendency is still within the Bullish Run, hence, would suggest Investors to consider grasping the odd to Bargain-Hunt for Long position for the best possible interest.
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