NYMEX crude oil continues to see $124

International oil prices fell on Friday (June 10), but were not far from a three-month high hit this week, on strong demand for fuel in the United States, the world's largest consumer. NYMEX crude oil continued to see $124.

At 15:59 GMT+8, NYMEX crude oil futures fell 0.63% to $120.75 a barrel; ICE Brent crude futures fell 0.64% to $122.28 a barrel.

Both cities hit new highs since March 9 this week, at $123.18 a barrel and $124.40 a barrel, respectively. The release of reserves in many countries has limited results, and the growth of global crude oil supply is slow. The United States ushered in the peak summer fuel demand, which will continue to push up crude oil prices.

"The record surge in gasoline and diesel consumption during the U.S. summer driving season, with gasoline prices surging alongside lower inventories, suggests the market is vulnerable to supply disruptions," Fitch analysts said in a note.

With the supply shortage caused by Western countries' imposition of import embargoes on Russian oil not going to be filled anytime soon, investors are already starting to consider the fact that the imbalance in the supply and demand mechanism will persist for longer after the sanctions take effect.

"Any declines in the oil market will be limited as global supply-demand tensions for crude and refined products remain a strong support factor," said Jeffrey Halley, senior market analyst at OANDA.

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 76.4% target at $123.99 and the 85.4% target at $125.50. 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.