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Opec+ refutes the rumor that Russia is out, Brent crude oil fluctuates in a narrow range
2022-06-02
892
Basic analysis:
An opec+ source composed of four OPEC and its allies said that the technical committee meeting held on Wednesday did not discuss the idea of suspending Russia's participation in the oil supply agreement; Rebecca Babin, a senior energy trader, said that substantive progress may take some time to achieve, but the news about the development of the situation will put some pressure on the oil price ukoil 4-hour chart of UK crude oil
Technical analysis:
According to the 4-hour chart, the oil price went down again after rising, the short-term trend was weak, the MACD energy column was shortened, the RSI index was weak, and the probability of continued decline and consolidation within the day was high.
Multi empty turning point: 115.00
Resistance level: 118.00 one hundred and twenty-two
Support position: 111.00 one hundred and seven
Trading strategy: bullish above 115.00, target 118.00 one hundred and twenty-two
Alternative strategy: bearish below 115.00, target 111.00 one hundred and seven
The above analysis is a personal point of view and is for reference only.
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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