USOil: slowly rising

Crude oil remained volatile around 71.274, and global crude oil supply may tighten in the second half of the year because OPEC+ is further reducing production. The organization announced in April that some members will further reduce production by about 1.16 million barrels per day, bringing the total production reduction to 3.66 million barrels per day. Although Iraqi Oil Minister Hayan Abdel-Ghani said OPEC+ is not expected to announce further production cuts at its next meeting in June.

Crude oil USOil - 4-hour K-line chart shows:

Looking at the 4-hour chart: the momentum of the bulls is slowly oscillating upwards, the short-term bullish sentiment continues, the momentum of the bulls in the market continues to move upward, the MACD indicator is weakly finishing below the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance levels: 72.091 72.981

Support levels: 70.022 69.236

Trading strategy: Bullish above 70.844, target 72.091 72.981

Alternative strategy: bearish below 70.844, target 70.022 69.236