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Market News NYMEX crude oil at $117.87

NYMEX crude oil at $117.87

On Monday (May 30), international oil prices hit a new high since early March, as traders expected the European Union to reach an agreement on banning Russian oil imports. The EU is about to discuss a sixth set of sanctions against Russia. NYMEX crude oil is at $117.87.

2022-05-30
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On Monday (May 30), international oil prices hit a new high since early March, as traders expected the European Union to reach an agreement on banning Russian oil imports. The EU is about to discuss a sixth set of sanctions against Russia. NYMEX crude oil is at $117.87.

At 16:14 GMT+8, NYMEX crude oil futures rose 0.94% to $116.15 a barrel; ICE Brent crude futures rose 0.90% to $120.50 a barrel. Both cities hit new highs since early March, reaching $116.39 a barrel and $120.50 a barrel, respectively.

"If we look at recent price action, the market seems to have priced in a possible EU agreement on some form of import curbs on Russian crude," said Madhavi Mehta, a commodities research analyst at Kotak Securities. "But any exemptions may not Too much of a positive impact, and only with a complete embargo would we see further price increases.”

European Union officials said governments failed to agree on an embargo on Russian oil imports on Sunday (May 29), but would continue talks on an offshore oil embargo before the summit on Monday afternoon, which would be temporary Pipeline transportation is reserved.

"It is still quite difficult for the EU to reduce its dependence on Russia for energy in the short term. That said, an immediate import ban is less likely, while demand may support oil prices in the short term," said Leona Liu, an analyst at DailyFX in Singapore.

With rising demand for gasoline, diesel and jet fuel ahead of the peak summer demand season in the U.S. and Europe, any further ban on Russian oil shipments would tighten an already undersupplied crude market.

On the daily line, NYMEX crude oil is in the upward 3 waves starting from $98.20, with the upper resistance looking at the 123.6% target at $118.31. On the hourly chart, oil prices are in an upward wave iii starting from $109.23, with the upper resistance looking at the 100% target of $117.87. Wave iii is a subwave of the up (iii) wave that started at $103.25. Wave (iii) is a sub-wave of the up ((i)) wave that also started at $98.20. Wave ((i)) is a sub-wave of wave 3.
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