On Wednesday, international crude oil prices surged to nearly a one-month high amid market concerns over supply disruptions in the Middle East. News that Israel may strike Iranian nuclear facilities has ignited a risk premium for crude oil, while stalled progress in U.S.-Iran nuclear negotiations has also tightened supply expectations. The latest data from the Fujairah Oil Industrial Zone in the UAE showed that as of the week ending May 19, total refined product inventories at the Port of Fujairah stood at 20.562 million barrels, a 4.9% decline from the previous week. Light distillate inventories fell by 357,000 barrels to 8.277 million barrels, medium distillate inventories dropped by 467,000 barrels to 1.295 million barrels, and heavy residual fuel oil inventories rose by 1.651 million barrels to 10.99 million barrels.
Crude oil experienced a pullback today, with prices oscillating lower after the opening, showing minor fluctuations. Notably, prices gradually broke to new lows, suggesting a high probability of a rapid decline. Overall, crude oil has been in a stalemate between rally and correction recently, showing a pattern of daytime declines and night-time gains, but this may shift today. In trading, consider going long on rebounds as the primary strategy and shorting at highs as a secondary approach. Monitor resistance at the $63.0-$64.0 per barrel level and support at the $61.0-$60.0 per barrel level.
Trading Strategy:
buy@60.0-61.0
TP:63.0-64.0
In the market, there are no absolutes, and neither upward nor downward trends are set in stone. Therefore, the ability to judge the balance between market gains and losses is your key to success. Let money become our loyal servant.
Crude oil experienced a pullback today, with prices oscillating lower after the opening, showing minor fluctuations. Notably, prices gradually broke to new lows, suggesting a high probability of a rapid decline. Overall, crude oil has been in a stalemate between rally and correction recently, showing a pattern of daytime declines and night-time gains, but this may shift today. In trading, consider going long on rebounds as the primary strategy and shorting at highs as a secondary approach. Monitor resistance at the $63.0-$64.0 per barrel level and support at the $61.0-$60.0 per barrel level.
Trading Strategy:
buy@60.0-61.0
TP:63.0-64.0
In the market, there are no absolutes, and neither upward nor downward trends are set in stone. Therefore, the ability to judge the balance between market gains and losses is your key to success. Let money become our loyal servant.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.