Brent oil remained volatile around 83.110. Due to supply uncertainty, Saudi Arabia may extend its voluntary production cut of 1 million barrels to October for the third consecutive month. The initial production cuts appear to have worked, with oil prices rising about 15% over the past month to around $86 a barrel.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has weakened, and the bullish sentiment is gradually emerging. After the short-term shocks at low levels, there are signs of reversal and upward movement. The MACD indicator is in the short-term area and maintains consolidation.
Resistance: 83.515 83.890
Support levels: 82.585 82.222
Trading strategy: Bullish above 82.948, target 83.515 83.890
Alternative strategy: bearish below 82.948, target 82.585 82.222