Market News NYMEX crude oil sees $108.10 in the afternoon market
NYMEX crude oil sees $108.10 in the afternoon market
On Tuesday (May 3), international oil prices were under pressure as China's anti-epidemic lockdown measures were negative for oil prices, but Europe's imposition of an import embargo on Russian oil may hit supply and limit the downside of oil prices. Record-sized U.S. energy exports are eating into the supply of the U.S. domestic market. NYMEX crude oil will see $108.10 in the market outlook.
2022-05-03
9869
On Tuesday (May 3), international oil prices were under pressure as China's anti-epidemic lockdown measures were negative for oil prices, but Europe's imposition of an import embargo on Russian oil may hit supply and limit the downside of oil prices. NYMEX crude oil will see $108.10 in the market outlook.
At 15:31 GMT+8, NYMEX crude oil futures fell 0.17% to $104.99 a barrel; ICE Brent crude futures fell 0.19% to $107.36 a barrel.
Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, said: "The positive driver is the potential EU embargo on Russian oil imports, and the negative driver is the Chinese blockade measures. They are an important theme for the market in the near term."
The European Commission is expected to finalize a sixth set of sanctions against Russia's invasion of Ukraine on Tuesday, including a ban on the purchase of Russian oil. But two EU officials said on Monday (May 2) that the embargo may not affect Hungary and Slovakia, both of which rely heavily on Russian crude.
Record-sized U.S. energy exports are eating into the supply of the U.S. domestic market. At least 2 million barrels of gasoline, diesel and jet fuel flowed overseas from refineries in the U.S. Gulf of Mexico in April, according to cargo tracking service Vortexa Analytics.
On the daily chart, the price of NYMEX crude oil is in an upward ((3)) wave starting from $95.28, with the upper resistance looking at the 23.6% target at $111.34. In the hourly chart, oil prices started an upward (3) wave trend from $100.28, with the upper resistance looking at the 61.8% target at $108.10. Wave (3) is a sub-wave of ((3)).
At 15:31 GMT+8, NYMEX crude oil futures fell 0.17% to $104.99 a barrel; ICE Brent crude futures fell 0.19% to $107.36 a barrel.
Vivek Dhar, commodities analyst at Commonwealth Bank of Australia, said: "The positive driver is the potential EU embargo on Russian oil imports, and the negative driver is the Chinese blockade measures. They are an important theme for the market in the near term."
The European Commission is expected to finalize a sixth set of sanctions against Russia's invasion of Ukraine on Tuesday, including a ban on the purchase of Russian oil. But two EU officials said on Monday (May 2) that the embargo may not affect Hungary and Slovakia, both of which rely heavily on Russian crude.
Record-sized U.S. energy exports are eating into the supply of the U.S. domestic market. At least 2 million barrels of gasoline, diesel and jet fuel flowed overseas from refineries in the U.S. Gulf of Mexico in April, according to cargo tracking service Vortexa Analytics.
On the daily chart, the price of NYMEX crude oil is in an upward ((3)) wave starting from $95.28, with the upper resistance looking at the 23.6% target at $111.34. In the hourly chart, oil prices started an upward (3) wave trend from $100.28, with the upper resistance looking at the 61.8% target at $108.10. Wave (3) is a sub-wave of ((3)).
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