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Look at $82.57 on NYMEX crude oil

Oct 26, 2021 11:03

On Wednesday (October 13), international oil prices fluctuated within a narrow range at a high level. There is concern that soaring coal and natural gas prices in Asia and Europe will stimulate inflation and slow global growth, thereby reducing oil demand. The dollar is near a one-year high, which also put pressure on oil prices.

GMT+8 13:56, NYMEX crude oil futures rose 0.01% to 80.65 US dollars/barrel; ICE Brent crude oil futures rose 0.05% to 83.46 US dollars/barrel.


The International Monetary Fund (IMF) on Tuesday (October 12) lowered the growth prospects of the United States and other major industrialized countries, and stated that continued supply chain disruptions and price pressures hindered the recovery of the global economy from the new crown epidemic.

The IMF is concerned that the momentum of economic growth has weakened, which has increased the uncertainty in the oil market. However, oil observers still focus on whether the soaring prices of natural gas and coal will lead to an increase in demand for petroleum products for power generation.

An analyst from the Research Department of ANZ Bank said in a research report: "More and more people expect that the high prices of natural gas and thermal coal may boost the demand for alternative fuels such as diesel and fuel oil."

On the daily chart, U.S. oil is in an upward ((3)) wave starting from $61.74, and the upper resistance is looking at the 38.2% target of $88.66. On the hourly chart, oil prices are in five upward waves starting from $74.97, and the upper resistance looks at the 161.8% target of $82.75. Wave 5 is a sub-wave of the upward (1) wave that started at $61.74. (1) Waves are the sub-waves of ((3)) waves.

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