Crude oil heading higher by about 3.2% above $118 the barrel, up by about $3.70 for today’s European trading session. The market is boosted by the EU’s agreement to ban 90% of Russian crude by the end of 2022, fearing the tighter supply – while the moves might be already priced into the market. China’s demand could pick up the prices after the cities of Beijing and Shanghai eased Covid restrictions. OPEC seemingly stays with its modest output plan, despite calls for faster production to lower prices.
The market is trending for about three days in a row with supportive buyers around the Year’s upper extreme, leading the market into an imbalanced structure to the upside. The oil price might be able to find sellers around the swing highs back from around March.
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