On Tuesday (May 31), international oil prices continued to rise, hitting a new high since early March, as the European Union agreed to cut oil imports from Russia. That fuels fears of a further deterioration in an already tight supply-demand situation ahead of peak summer driving demand in the U.S. and Europe. NYMEX crude oil is at $120.69.

At 16:34 GMT+8, NYMEX crude oil futures rose 1.49% to $118.91 a barrel; ICE Brent crude futures rose 1.79% to $119.70 a barrel. Both cities hit new highs since March 9, at $119.42 a barrel and $120.18 a barrel, respectively.

EU leaders agreed in principle to cut oil imports from Russia by 90 percent by the end of 2022, defuses the standoff with Hungary and paved the way for the EU's toughest sanctions on Russia.

With the Russian navy blocking the usual sea routes, EU leaders also pledged to speed up work to help Ukraine transport its grain from home to global buyers by rail and road, and to take steps to cut Russian energy faster.

On the production front, OPEC+ will stick to last year's agreement to continue to increase output slightly by 432,000 barrels in July at a meeting on Thursday (June 2), sources at the Organization of the Petroleum Exporting Countries and its partners (OPEC+) said. /day, rejecting Western calls for faster production increases. OPEC+ maintains that the oil market is balanced and that the recent price rise has nothing to do with fundamentals.

On the daily line, NYMEX crude oil is in the upward 3 waves starting from $98.20, with the upper resistance looking at the 138.2% target at $120.69. On the hourly chart, oil prices are in an upward iii wave starting from $109.23, with the upper resistance looking at the 138.2% target at $121.17. 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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