Crude oil remained volatile near 85.139. The US Energy Information Administration (EIA) said in the latest drilling productivity report released this week that the crude oil production of the Permian Basin is expected to hit a record high next month, which will increase by 66000 barrels/day from September to 5.413 million barrels/day by October.
Crude oil USOil - 4-hour K line chart shows:
The 4-hour chart shows that the low bulls' momentum moved up in a short period of time and began to maintain range shocks, but the market's bearish mood was shrouded, and the trend of consolidation fell again. The MACD index remained in the long region and moved down to hover around the 0 axis, while the RSI index was in a narrow range of consolidation below the 50 equilibrium line;
Empty turning point: 85.611
Pressing position: 86.647, 87.682
Support position: 84.103, 83.245
Trading strategy: 85.611 lower bearish, target 84.103, 83.245
Alternative strategy: bullish above 85.611, target 86.647, 87.682