NYMEX crude oil at $106.10

On Wednesday (April 27), international oil prices remained stable, but Russia's cut in natural gas supplies to Poland led to rising geopolitical tensions, which still supported oil prices, with NYMEX crude oil at $106.10.

At 16:28 GMT+8, NYMEX crude oil futures rose 0.25% to $101.95 a barrel; ICE Brent crude futures rose 0.38% to $104.99 a barrel.

Russia halted gas supplies to Poland on Wednesday under the Yamal contract, data from the European Union's network of gas transmission operators showed, deepening differences between the West and Russia over the conflict in Ukraine.

Howie Lee, an economist at OCBC Bank in Singapore, said: “Markets are becoming more volatile and event-driven, and energy security around the world is becoming more fragile, and more fragile security is often accompanied by higher price."

“Escalating geopolitical tensions are supporting oil, and gas cuts are nothing new, but Russia’s move comes at a time when stagflation fears are running rampant again,” Stephen Innes of SPI Asset Management said in a note.

On the daily chart, the price of NYMEX crude oil is in the five-wave wedge-shaped convergence adjustment structure opened from $93.41, and the recent resistance level is looking at around $106.10. The entire structure is a subwave of the down ((2)) wave that started at $130.50.