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Market News NYMEX crude oil continues to see $121.55
NYMEX crude oil continues to see $121.55
International oil prices rose on Tuesday (June 7) amid doubts that the Organization of the Petroleum Exporting Countries and its partners (OPEC+) could ease supply tightness by raising output targets, as most OPEC+ members have little room to increase output. NYMEX crude oil continued to see $121.55.
2022-06-07
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International oil prices rose on Tuesday (June 7) amid doubts that the Organization of the Petroleum Exporting Countries and its partners (OPEC+) could ease supply tightness by raising production targets, as most OPEC+ members have little room to increase output. NYMEX crude oil continued to see $121.55.
At 16:06 GMT+8, NYMEX crude oil futures rose 0.77% to $119.41 a barrel; ICE Brent crude futures rose 0.69% to $120.33 a barrel.
Global oil exporter Saudi Arabia raised the July official selling price (OSP) for its flagship product, Arabian Light crude, to Asia by $2.10 from June, extending the premium to $6.50 over the Oman/Dubai benchmark.
This is the first time Saudi Arabia has raised its official selling price of crude oil in a month. The official selling price of Arabian Light crude to Asia reached a record high $9.35 premium to the Oman/Dubai benchmark in May, amid fears of supply and demand tightening due to production disruptions in Russia.
Last week, OPEC+ decided to expand production to 648,000 barrels per day in July and August, a 50% increase from the previously planned increase. The expansion will be distributed proportionally among all OPEC+ members. However, most OPEC+ members, including Russia, which is under Western sanctions, have little room to increase output.
Stephen Innes, managing partner at SPI Asset Management, said in a note: “While all participating countries (including Russia) continue to advance proportionally to their expanded monthly production growth targets, it is unrealistic to eventually approach the overall digital production increase expectations. of."
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 16:06 GMT+8, NYMEX crude oil futures rose 0.77% to $119.41 a barrel; ICE Brent crude futures rose 0.69% to $120.33 a barrel.
Global oil exporter Saudi Arabia raised the July official selling price (OSP) for its flagship product, Arabian Light crude, to Asia by $2.10 from June, extending the premium to $6.50 over the Oman/Dubai benchmark.
This is the first time Saudi Arabia has raised its official selling price of crude oil in a month. The official selling price of Arabian Light crude to Asia reached a record high $9.35 premium to the Oman/Dubai benchmark in May, amid fears of supply and demand tightening due to production disruptions in Russia.
Last week, OPEC+ decided to expand production to 648,000 barrels per day in July and August, a 50% increase from the previously planned increase. The expansion will be distributed proportionally among all OPEC+ members. However, most OPEC+ members, including Russia, which is under Western sanctions, have little room to increase output.
Stephen Innes, managing partner at SPI Asset Management, said in a note: “While all participating countries (including Russia) continue to advance proportionally to their expanded monthly production growth targets, it is unrealistic to eventually approach the overall digital production increase expectations. of."
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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