English
Market News NYMEX crude oil at $124.86
NYMEX crude oil at $124.86
International oil prices rose nearly 1% on Tuesday (June 14), as tight global supply outweighed concerns about short-term demand constraints. The Organization of the Petroleum Exporting Countries and its partners (OPEC+) have struggled to meet their production quotas, and Russia faces sanctions on oil exports due to the war in Ukraine. NYMEX crude oil is at $124.86.
2022-06-14
12354
International oil prices rose nearly 1% on Tuesday (June 14), as tight global supply outweighed concerns about short-term demand constraints. The Organization of the Petroleum Exporting Countries and its partners (OPEC+) have struggled to meet their production quotas, and Russia faces sanctions on oil exports due to the war in Ukraine. NYMEX crude oil is at $124.86.
At 15:41 GMT+8, NYMEX crude oil futures rose 0.74% to $121.83 a barrel; ICE Brent crude futures rose 0.78% to $123.22 a barrel.
Jeffrey Halley, senior market analyst at OANDA, said in a research report: "The continued tightening of global refined product supplies, as well as investment from some OPEC+ producers, means that the supply gap left by Russia is far from being filled by the rest of the world."
The political crisis has affected Libyan oil production and exports, exacerbating global supply constraints. Analysts at ANZ Research quoted Libyan Oil Minister Mohamed Aoun as saying that the country's oil production has fallen to 100,000 bpd from 1.2 million bpd last year.
Operations at Russia's Sakhalin 1 oil project will continue to face disruptions for "several months" as Western sanctions have affected insurance coverage for ships transporting crude oil, according to stakeholder ONGC Videsh of India.
U.S. inventories data to be released this week are expected to show U.S. crude inventories fell by 1.2 million barrels in the week to June 3. But CMC Markets analyst Tina Teng said that if the Federal Reserve raises interest rates more than expected this week, oil prices could face fresh pressure.
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 are in an upward wave iii starting from $117.48, with the upper resistance at the 61.8% target at $124.86. Wave iii is a sub-wave of the upward (iii) wave that started at $111.22, and wave (iii) is a sub-wave of the upward ((iii)) wave that started at $103.25. Wave ((iii)) is a sub-wave of wave 3.
At 15:41 GMT+8, NYMEX crude oil futures rose 0.74% to $121.83 a barrel; ICE Brent crude futures rose 0.78% to $123.22 a barrel.
Jeffrey Halley, senior market analyst at OANDA, said in a research report: "The continued tightening of global refined product supplies, as well as investment from some OPEC+ producers, means that the supply gap left by Russia is far from being filled by the rest of the world."
The political crisis has affected Libyan oil production and exports, exacerbating global supply constraints. Analysts at ANZ Research quoted Libyan Oil Minister Mohamed Aoun as saying that the country's oil production has fallen to 100,000 bpd from 1.2 million bpd last year.
Operations at Russia's Sakhalin 1 oil project will continue to face disruptions for "several months" as Western sanctions have affected insurance coverage for ships transporting crude oil, according to stakeholder ONGC Videsh of India.
U.S. inventories data to be released this week are expected to show U.S. crude inventories fell by 1.2 million barrels in the week to June 3. But CMC Markets analyst Tina Teng said that if the Federal Reserve raises interest rates more than expected this week, oil prices could face fresh pressure.
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 are in an upward wave iii starting from $117.48, with the upper resistance at the 61.8% target at $124.86. Wave iii is a sub-wave of the upward (iii) wave that started at $111.22, and wave (iii) is a sub-wave of the upward ((iii)) wave that started at $103.25. Wave ((iii)) is a sub-wave of wave 3.
Bonus rebate to help investors grow in the trading world!
Or try Free Demo Trading
