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Look at $79.68 on NYMEX crude oil

Oct 26, 2021 10:59

On Wednesday (October 6), US oil prices rose for the fifth consecutive day, and ICE Brent crude oil prices rose for the sixth consecutive day due to supply concerns. Investors were worried about energy supply and the crude oil market showed signs of tight supply. NYMEX crude oil looks at $79.68.

GMT+8 14:34, NYMEX crude oil futures rose 0.52% to 79.34 US dollars / barrel; ICE Brent crude oil futures rose 0.55% to 83.01 US dollars / barrel.


The two cities set a new high of US$79.48/barrel since November 10, 2014 and a new high of US$83.13/barrel since October 10, 2018. The Organization of Petroleum Exporting Countries and Russia’s partners (OPEC+) said earlier this week that they would stick to the existing agreement to increase oil production by 400,000 barrels per day each month, instead of further increasing production.

ANZ Bank said in a report: “Crude oil has expanded its gains because investors are worried that the energy crisis will push up demand and market supply is tight. Considering the global energy shortage, OPEC+'s growth rate is much lower than market expectations. Not surprisingly, people It is speculated that if demand continues to surge, OPEC will be forced to take action before the next scheduled meeting."

On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74, breaking through the 23.6% target of $78.37. The upper resistance looks at the $80 mark and ((3)) the 38.2% target of 88.66. Dollar.

On the hourly chart, oil prices are in an upward ((v)) wave starting from $73.15, breaking through the 176.4% target of $79.36, and the upper resistance looks at the 185.4% target of $79.68. ((v)) Wave is a sub-wave of three upward waves that started at 67.58 USD.

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