There are many factors that affect the oil price. The Iranian nuclear agreement, which seems to be progressing smoothly recently, has suffered setbacks, which seems to have driven the oil price up to a large extent. European diplomats expressed "serious doubts" about whether Tehran is really seeking to restart the 2015 nuclear agreement. Israeli Prime Minister Yair Lapid stressed what he called "encouraging signs", indicating that the Iranian nuclear agreement will not be restarted, suggesting that Israel's plan is succeeding.
UKOIL 4-Hour Chart
The 4-hour chart shows that the short-term prices are arranged in a wide range and capricious manner. The medium-term graph structure is neutral. The MACD capacity column is slightly shrunk on the 0 axis. The RSI arrangement is weak. There is a high probability that the short-term oil price will fall again after continuing to rebound.
Empty turning point: 99.00
Resistance level: 105.00 112.50
Support position: 92.00 85.00
Trading strategy: bearish under 99.00, target 92.00, 85.00
Alternative strategy: bullish above 99.00, target 105.00, 112.50