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The actual increase in production depends on the willingness of Saudi Arabia, and the US crude oil is still strong
2022-06-03
1007
A brief analysis of the fundamentals:
Analysts at the Royal Bank of Canada said the OPEC+ deal to increase output on Thursday may depend on Saudi Arabia to implement, as spare capacity available in the United Arab Emirates may have already been used up. The UAE appears to have spare capacity on paper, but the country has hit its monthly production quota since the third quarter of 2021, so an additional 425,000 barrels per day (bpd) of production against the established quota is unlikely.
US crude oil USOIL 4-hour chart
A brief technical analysis:
From the 4-hour chart, the oil price has risen above the moving average again, the short-term trend has returned to strength, the MACD kinetic energy column has gradually elongated, the RSI indicator has recovered, and the probability of continuation within the day 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
The above analysis is a personal opinion 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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