Brent soars as demand surge pushes up oil prices

A brief analysis of the fundamentals:

Last Friday (May 27), Iran suddenly announced the seizure of Greek oil tankers, the global energy crisis further fermented, and Brent crude oil rose sharply to close at $119.33 per barrel. With the arrival of summer in the northern hemisphere, demand is gradually entering the peak season, and the continued rise in the price of refined oil has pushed the U.S. export inventory to Europe and South America to tighten.

UK crude oil UKOIL 4-hour chart

A brief technical analysis:

Looking at the 4-hour chart, oil prices are rising on the basis of the moving average system, and the short-term trend is strong, the MACD red column increases, and the RSI indicator is flat, and the probability of continued upward movement is high.

Long-short turning point: 113.50

Resistance: 117.00 120.00

Support: 110.00 107.00

Trading Strategy: Bullish above 113.50, target 117.00 120.00

Alternative strategy: Bearish below 113.50, target 110.00 107.00