which online trading platform is best in malaysia–HXFXglobal reminds you:
Crude Oil In Short Supply, USoil Bows Before Bounces.
There is a huge supply gap in the USoil market, and it is suggests to go long at low positions.
Investors can consider marginal Long at 108.5. Target 113.5, Stop loss 107.4.
The Biden administration is currently considering releasing crude oil reserves again, and market sources indicate that it may exceed 30 million barrels. However, judging from Russia’s current share of global crude oil supply, 30 million barrels of crude oil can only make up for the Russian crude oil gap for 3 to 5 days. According to UBS estimates, Russia’s crude oil is currently missing 2 million barrels a day, about 25% of the country’s total output, and shipping intelligence firm Kpler data also showed that last week Russia’s offshore crude oil exports fell to their lowest level in nearly eight months. Exports remained strong for two weeks. Overall, the short-term US oil may be affected by the release of crude oil reserves by the Biden administration and will make a slight correction, but the current supply gap in the crude oil market has not yet been filled, so the main idea is to go long at low positions.
In the H4 range, the quotation is on the lower track of Bollinger and below all short-term MA moving averages, indicating a short-term weak pattern. The sub-indicator MACD bearish kinetic energy is increasing and the KD double-line downward is favorable for investors to make a low and long layout.
*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.
(*Remark: market price aforementioned is limit to the pricing in vicinity to when the article is published, the outdated pricing may or may not be the best for good)
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