NYMEX crude oil at $118.31

On Tuesday (May 17), international oil prices remained generally stable. Despite the increase in shale oil production in the United States and Hungary's resistance to the EU's push for an embargo on Russian oil imports, the intensified geopolitical confrontation between Russia and Europe makes it difficult to change the general trend of tightening global supply. . NYMEX crude oil is at $118.31.

GMT+8 16:11, NYMEX crude oil futures rose 0.16% to $114.43 a barrel; ICE Brent crude futures rose 0.45% to $114.75 a barrel.

EU foreign ministers on Monday (May 16) asked the Budapest authorities to lift the veto vote on the embargo on Russian oil imports, but the pressure was unsuccessful. The EU's embargo on Russian oil imports requires the unanimous consent of 27 member states to take effect.

Oil production in the Permian Basin, the largest U.S. shale oil producer in Texas and New Mexico, will rise by 88,000 barrels per day in June, the U.S. Energy Information Administration (EIA) said on Monday. A record 5.219 million barrels per day.

"Increasing geopolitical tensions" between the EU and Russia will further support oil prices as Sweden and Finland seek to join NATO, "which could lead to Russian retaliation and further cuts in gas supplies," said Tina Teng, an analyst at CMC Markets. "

On the daily line, NYMEX crude oil is in an upward ((3)) wave starting from $98.20, with the upper resistance looking at the 123.6% target at $118.31. On the hourly chart, oil prices have started a three-wave upward trend since $102.67, and the 138.2% target in the market outlook is $114.04. Wave 3 is a sub-wave of the up (1) wave that also started at $98.20. Wave (1) is a sub-wave of ((3)).