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Market News NYMEX crude oil sees $107.56 in the short-term

NYMEX crude oil sees $107.56 in the short-term

International oil prices came under pressure on Tuesday (May 24) as fears of a possible recession outweighed expectations of tight global supplies and a pickup in fuel demand during the U.S. summer driving season. At the annual economic summit in Davos, financial elites worry about multiple threats to the global economy. NYMEX crude oil is at $107.56 in the short-term.

2022-05-24
10552
International oil prices came under pressure on Tuesday (May 24) as fears of a possible recession outweighed expectations of tight global supplies and a pickup in fuel demand during the U.S. summer driving season. NYMEX crude oil is at $107.56 in the short-term.

At 16:10 GMT+8, NYMEX crude oil futures fell 0.52% to $109.72 a barrel; ICE Brent crude futures fell 0.54% to $112.81 a barrel.

At the annual economic summit in Davos, financial elites worry about multiple threats to the global economy. Georgieva, managing director of the International Monetary Fund, said she did not expect a recession in major economies, but could not rule out the possibility.

Crude losses were limited, however, as supplies were tight and gasoline demand was expected to remain high. Driving season in the U.S. begins this weekend on Memorial Day and runs through Labor Day in September. The EU could agree an embargo on Russian oil imports "within a few days", according to top member Germany.

The head of Saudi oil company Aramco said the world is facing an oil supply crunch and most companies are afraid to invest in the industry because they are under pressure for green energy. He added that the company cannot expand capacity faster than previously promised.

On the daily line, NYMEX crude oil is in the upward 3 waves starting from $98.20, and the upper resistance is looking at the 100% target at $114.47. On the hourly chart, the oil price has started a callback ii wave trend since $111.89, and the bottom supports the 50% Fibonacci retracement level of the i wave at 107.56. Waves i and ii are both sub-waves of the up (iii) wave that started at $103.25. Wave (iii) is a sub-wave of the up ((i)) wave that also started at $98.20. Wave ((i)) is a sub-wave of wave 3.

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