Brent oil remained volatile around 77.242. Bank of America: lowered the average Brent crude price forecast to $80 a barrel in 2023. "Negative macro trends will amplify future weak demand." Maintaining the 2024 Brent crude oil price forecast at $90/bbl in the belief that OECD demand will eventually improve and OPEC+ will likely continue to "pre-emptively manage supply".
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
The 4-hour chart: After the short-term narrow-range consolidation and retracement, the bullish momentum quickly pulled up, and the market’s bullish sentiment was rapid. The MACD indicator hovered weakly above the 0 axis, and the RSI indicator was weakly organized above the 50 balance line;
Resistance levels: 77.933 78.676
Support levels: 76.089 75.437
Trading strategy: Bullish above 76.915, target 77.933 78.676
Alternative strategy: bearish below 76.915, target 76.089 75.437