Crude Oil Supply Shortage Worries Rise, USOIL Shocks And In Bullish
U.S. and EU plan to ban the Russian crude oil imports，crude oil supply tightens further, bullish for USOIL.
Saneness investor can wait and see first. Radical investor are suggesting to trade with a buy order in light position when the price pull back to 123.370, target on 130.520, stop loss on 119.795.
During the Asian session today, USOIL rose around 8.70% and shock. Due to the U.S. API and EIA crude oil inventories both unexpectedly recorded a larger-than-expected decline last week, and nonfarm payrolls surged by 675,000 people in February, positive outlook for U.S. economy, it shows that U.S. crude oil demand continues to increase. However, as tensions between Russia and Ukraine escalate, crude oil supplies are hit, crude oil shortage pushes up oil prices, USOIL closed last week with a 25.20% surge. USOIL extended gains in early trade today, after the surge broke through the 130.0 mark, it pulled back. Market outlook as U.S. and EU plan to impose sanctions on Russian crude exports. Overlay the Iran nuclear deal talks still have problems, crude oil supply shortage fears rise, USOIL remains bullish after pulling back.
In the 4-hour K-line chart, 5, 10, 20MA up and arrange in bullish. The K-line retraced above the 5MA and oscillated into a positive line. MACD histogram positive amplification, KD indicator up. The trend in the short-term is pulling back and up.
(The above remarks represent personal views and do not represent the platform’s position. Opinions are for reference only)