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Market News NYMEX crude oil may rise to US$82.03

NYMEX crude oil may rise to US$82.03

On November 19, international oil prices strengthened and continued their rebound momentum overnight. Although the world's major economies may jointly release official crude oil reserves, it is unlikely to significantly change the global crude oil supply and demand pattern. NYMEX crude oil looks at US$82.03.

2021-11-19
8044
On Friday (November 19), international oil prices strengthened and continued their rebound momentum overnight. Although the world's major economies may jointly release official crude oil reserves, it is unlikely to significantly change the global crude oil supply and demand pattern. NYMEX crude oil looks at US$82.03.

GMT+8 14:07, NYMEX crude oil futures rose 0.92% to 79.13 US dollars per barrel; ICE Brent crude oil futures rose 0.94% to 82.00 US dollars per barrel.


The two cities fell out of their lowest level since October 7 overnight, reaching US$76.44/barrel and US$79.28/barrel respectively. According to reports, the United States has asked other major oil-importing countries to consider releasing the Strategic Petroleum Reserve (SPR), triggering shocks in the oil market.

The Biden administration's move is seen as a signal to OPEC+ that it should alleviate the concerns of the world's large economies about rising fuel prices. At the same time, data shows that Saudi Arabia's crude oil exports in September increased for the fifth consecutive month, setting the highest level in eight months.

But oil prices closed up overnight. Even if demand has rebounded from the downturn in the early days of the new crown epidemic, the Organization of Petroleum Exporting Countries and other oil-producing countries (OPEC+) led by Russia have maintained an unprecedented production limit policy.

A commodity analyst at Fitch Solutions stated in a report: “From a fundamental perspective, the market is still tight, and any release of any scale is unlikely to significantly change the global supply-demand relationship. Therefore, we expect any reduction in oil prices in terms of extent and duration. They are all limited."

On the hourly chart, NYMEX crude oil may start an upward (3) wave trend from 76.44 US dollars, and the upper resistance level looks to the 23.6% target at 82.03 US dollars. (3) Wave is a sub-wave of the upward ((3)) wave that started from $61.74.
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