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Market News The cloth oil sword points to the 80 mark, and the NYMEX market outlook is expected to rise above 77.08 US dollars

The cloth oil sword points to the 80 mark, and the NYMEX market outlook is expected to rise above 77.08 US dollars

On September 28, the international oil market Liulianyang, the oil distribution hit a new high of 79.58 US dollars/barrel since late October 2018, and NYMEX crude oil also hit a new high of 76.34 US dollars/barrel since July 6. In the context of tight supply, market sentiment continues to be firm. NYMEX crude oil looks at 77.08 dollars in the market outlook.

2021-09-28
9798
On Tuesday (September 28), in the international oil market Liulianyang, Burundi oil hit a new high of USD 79.58/barrel since late October 2018, and NYMEX crude oil also hit a new high of USD 76.34/barrel since July 6. In the context of tight supply, market sentiment continues to be firm. NYMEX crude oil looks at 77.08 dollars in the market outlook.

GMT+8 14:05, NYMEX crude oil futures rose 1.21% to 76.36 US dollars / barrel; ICE Brent crude oil futures rose 1.14% to 79.62 US dollars / barrel.


Fujitomi Securities analyst Toshitaka Tazawa said: “In the context of tight supply, market confidence remains strong.” He also predicted that ICE Brent crude oil may soon try to challenge the key price of US$80 per barrel.

Sources from oil companies in Nigeria and Angola, Africa’s largest oil exporters, warned that due to insufficient investment and thorny maintenance issues that continue to hinder output, these two countries will have difficulty increasing their output to OPEC’s quota level until at least next year. .

Goldman Sachs raised its estimate for the price of ICE Brent crude oil at the end of the year from US$80 per barrel to US$90, due to the accelerated recovery of fuel demand after the economy has weathered the impact of the Delta mutant strain and the impact of Hurricane Ada on production Lead to tight global supply.

The above news boosted investors' risk appetite. In addition, rising spot prices of liquefied natural gas (LNG) and coal may also further support oil prices. If the northern hemisphere winter proves to be colder than expected, energy prices may still rebound further.

Commonwealth Bank of Australia commodity analyst Vivek Dhar said in the report: “Oil demand may increase by another 500,000 barrels per day, or 0.5% of global oil supply, as high natural gas prices force people to switch from natural gas to oil consumption. This will further Tighten the oil market, especially when OPEC+'s supply increase is still quite conservative."

On the daily chart, U.S. oil is in an upward ((3)) wave starting 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 ((iii)) wave that started from US$69.40 and broke the 123.6% target of US$736.27. It is expected to further touch the 138.2% target of US$77.08. (iii) The wave is a three-wave upward wave that started from $67.58.
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