Crude oil remained volatile around 78.529, and Cushing crude oil inventories fell sharply by 3.1 million barrels, as oil was shipped to the U.S. Gulf Coast to meet summer refining peak demand and export demand amid OPEC+ production cuts.
Crude oil USOil - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: The low-level short-term momentum maintains shocks and moves downward, and the short-term decline may continue. The overall short-term sentiment in the market is shrouded, the MACD indicator is in the short-selling area, and the RSI indicator is hovering weakly below the 50 balance line;
Resistance levels: 79.240 79.652
Support levels: 78.091 77.717
Trading strategy: bearish below 78.814, target 78.091 77.717
Alternative strategy: call above 78.814, target 79.240 79.652