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Market News NYMEX crude oil looks at $71.84 in the market outlook
NYMEX crude oil looks at $71.84 in the market outlook
On September 21st, international oil prices rose, as analysts pointed out that the US supply was showing signs of tightness, and the shutdown in the Gulf of Mexico after Hurricane Ida continued. The outlook for NYMEX crude oil is $71.84. Although the Fed is expected to begin to tighten monetary policy, this may make investors more vigilant about riskier assets such as oil.
2021-09-21
8985
On Tuesday (September 21), international oil prices rose, as analysts pointed out that the US supply showed signs of tension, and the shutdown of the Gulf of Mexico after Hurricane Ida continued. The outlook for NYMEX crude oil is $71.84.
GMT+8 14:33, NYMEX crude oil futures rose 1.33% to 71.07 US dollars / barrel; ICE Brent crude oil futures rose 1.22% to 74.82 US dollars / barrel.
ANZ Bank analysts said that due to the rise in natural gas and coal prices, global utilities have switched to fuel oil, and the shutdown in the Gulf of Mexico after Hurricane Ida has continued, which means that supply has decreased.
The Fed is expected to begin to tighten monetary policy, which may make investors more vigilant about riskier assets such as oil. But ANZ Bank said in a report: “Although the uncertainty surrounding the Fed’s cut stimulus schedule has affected market sentiment, other developments still mean rising oil prices.”
On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74, and the recent resistance above it looks to the 23.6% target at $78.37. On the hourly chart, oil prices are in an upward wave ((iii)) starting from 69.72 yuan, and the market outlook is expected to rise to the 38.2% target of 71.84 US dollars. (iii) The wave is a three-wave upward wave that started from $67.58.
GMT+8 14:33, NYMEX crude oil futures rose 1.33% to 71.07 US dollars / barrel; ICE Brent crude oil futures rose 1.22% to 74.82 US dollars / barrel.
ANZ Bank analysts said that due to the rise in natural gas and coal prices, global utilities have switched to fuel oil, and the shutdown in the Gulf of Mexico after Hurricane Ida has continued, which means that supply has decreased.
The Fed is expected to begin to tighten monetary policy, which may make investors more vigilant about riskier assets such as oil. But ANZ Bank said in a report: “Although the uncertainty surrounding the Fed’s cut stimulus schedule has affected market sentiment, other developments still mean rising oil prices.”
On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74, and the recent resistance above it looks to the 23.6% target at $78.37. On the hourly chart, oil prices are in an upward wave ((iii)) starting from 69.72 yuan, and the market outlook is expected to rise to the 38.2% target of 71.84 US dollars. (iii) The wave is a three-wave upward wave that started from $67.58.
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