Brent crude oil rises again as bulls and bears face off

A brief analysis of the fundamentals:

Last week, news of market disturbance continued, but thanks to the less-than-expected increase in production by OPEC+ oil-producing countries in April, and the further deepening of the conflict between Russia and Ukraine, Brent crude oil continued its upward trend and closed at $112.82 per barrel. At present, both the macro and the fundamentals of the oil market have intensified the game between long and short. The tightening liquidity pressure from interest rate hikes is a medium and long-term factor, and the fact that oil-producing countries do not increase production as much as expected is a short-term reality. It is expected that oil prices will remain within the range in the future. Oscillating trend

UK crude oil UKOIL 4-hour chart

A brief technical analysis:

Looking at the 4-hour chart, oil prices rebounded strongly after stepping back on the 110.50 line, and the overall performance recovered. The moving average system was flat, the MACD red column was shortened, the RSI indicator was flat, and the probability of sideways trading within the day was high.

Long-short turning point: 110.50

Resistance: 113.50 117.00

Support: 107.00 103.50

Trading Strategy: Bullish above 110.50, target 113.50 117.00

Alternative strategy: Bearish below 110.50, target 107.00 103.50