Brent oil remained volatile around 74.592. The IEA monthly report: The global oil demand growth forecast for 2023 was raised by 200,000 barrels per day. Affected by China's economic rebound, oil demand growth will exceed expectations. Although Russia announced a production cut of 500,000 barrels per day, it may increase production to make up for lost revenue. Global oil supply fell by 230,000 bpd to 101.1 million bpd in April.
Cloth oil UKOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term dynamics fluctuate downward, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 75.420 75.886
Support levels: 74.043 73.532
Trading strategy: Bearish below 74.876, target 74.043 73.532
Alternative strategy: call above 74.876, target 75.420 75.886