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Market News NYMEX crude oil at $124
NYMEX crude oil at $124
On Wednesday (June 8), international oil prices rose, the market expects that U.S. oil inventories will decrease, and the strong demand for summer driving travel, most of the world's refinery capacity is close to the limit, these support the strength of the oil market. NYMEX crude oil is at $124.
2022-06-08
8593
On Wednesday (June 8), international oil prices rose, the market expects that U.S. oil inventories will decrease, and the strong demand for summer driving travel, most of the world's refinery capacity is close to the limit, these support the strength of the oil market. NYMEX crude oil is at $124.
At 16:05 GMT+8, NYMEX crude oil futures rose 0.61% to $120.14 a barrel; ICE Brent crude futures rose 0.46% to $121.13 a barrel.
The U.S. Energy Information Administration (EIA) will release weekly inventory data at 22:30 GMT+8 on Wednesday. U.S. crude inventories are expected to fall by 1.917 million barrels in the week to June 3, although refined product inventories may rise.
"The oil market is expected to remain tight as the supply side continues to show low inventories," OANDA analyst Edward Moya said in a note. "Oil inventories are likely to see further drawdowns as demand picks up during the driving season."
The World Bank on Tuesday (June 7) cut its global growth forecast for 2022 by nearly a third and warned that the conflict between Russia and Ukraine has exacerbated the damage caused by the new crown epidemic and many countries are now facing economic recession.
Meanwhile, global supplies of crude and petroleum products remain tight as Western sanctions hamper exports from major producer Russia. Most of the world's refineries are nearing capacity to meet rising demand driven by the post-pandemic economic recovery and to make up for missing Russian supplies. Asian refinery diesel margins have been pushed to record levels.
On the daily line, NYMEX crude oil is in the upward 3 waves starting from $98.20, with the upper resistance at the 161.8% target at $124.52. On the hourly chart, oil prices have started an upward iii-wave trend from $111.22, and the market outlook is expected to touch the 61.8% target at $121.55 and the 76.4% target at $123.99. Wave iii is a sub-wave of the upward (iii) wave that started at $103.25, and wave (iii) is a sub-wave of the upward ((iii)) wave that also started at $98.20. Wave ((iii)) is a sub-wave of wave 3.
At 16:05 GMT+8, NYMEX crude oil futures rose 0.61% to $120.14 a barrel; ICE Brent crude futures rose 0.46% to $121.13 a barrel.
The U.S. Energy Information Administration (EIA) will release weekly inventory data at 22:30 GMT+8 on Wednesday. U.S. crude inventories are expected to fall by 1.917 million barrels in the week to June 3, although refined product inventories may rise.
"The oil market is expected to remain tight as the supply side continues to show low inventories," OANDA analyst Edward Moya said in a note. "Oil inventories are likely to see further drawdowns as demand picks up during the driving season."
The World Bank on Tuesday (June 7) cut its global growth forecast for 2022 by nearly a third and warned that the conflict between Russia and Ukraine has exacerbated the damage caused by the new crown epidemic and many countries are now facing economic recession.
Meanwhile, global supplies of crude and petroleum products remain tight as Western sanctions hamper exports from major producer Russia. Most of the world's refineries are nearing capacity to meet rising demand driven by the post-pandemic economic recovery and to make up for missing Russian supplies. Asian refinery diesel margins have been pushed to record levels.
On the daily line, NYMEX crude oil is in the upward 3 waves starting from $98.20, with the upper resistance at the 161.8% target at $124.52. On the hourly chart, oil prices have started an upward iii-wave trend from $111.22, and the market outlook is expected to touch the 61.8% target at $121.55 and the 76.4% target at $123.99. Wave iii is a sub-wave of the upward (iii) wave that started at $103.25, and wave (iii) is a sub-wave of the upward ((iii)) wave that also started at $98.20. Wave ((iii)) is a sub-wave of wave 3.
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