USoil has gone up in five waves, will it continue to rise?

Crude oil prices surged again last week, hitting a new high in more than five months. Behind this rise is the market's optimistic expectations for economic growth in the United States and China, which is expected to stimulate crude oil demand. Data show that OPEC oil production fell slightly in March, and attacks on Russian refineries also put some pressure on supply, making supply even tighter. In addition, API and EIA data released on Wednesday further benefited the market, exceeding analysts' expectations and providing support for crude oil bulls.

Let’s break down the fluctuation range of waves 1 to 5. Wave 1 is from US$71.52 to around US$78.18, with an increase of US$6.66. Wave 2 is from US$78.18 to US$75.50, with a decrease of US$2.68. Wave 3 is from 75.50 to 83.12. USD, with an increase of $7.62, while wave 4 fell from $83.12 to $80.31, a decrease of $2.81, and wave 5 fell from $80.31 to $87.63, with an increase of $7.32

A storm may be coming to the oil market, according to new research from Bank of America (BofA). The bank has raised its 2024 Brent crude oil and West Texas Intermediate crude oil price forecasts, analyzing the latest market trends and key data, indicating that oil prices may reach a high of around $95 per barrel.

In addition, the official crude oil selling price announced by Saudi Aramco around the 5th of each month is also regarded as an important factor in determining the trend of crude oil. Based on various signs, the crude oil market is currently facing a situation of tight supply and continued recovery in demand, and investors are unanimously optimistic about the rising trend of oil prices in the future.

Comment:

The geopolitical situation can affect the price fluctuation of WTI crude oil market. Now that Israel has withdrawn more soldiers from Gaza, it shows that the relationship between the two countries has eased, and the support for the WTI crude oil market has begun to loosen.

Comment:

Tensions in the Middle East have eased after Israel withdrew more troops from southern Gaza and promised new talks on a possible ceasefire. From a technical point of view, the overall trend of crude oil is still bullish, and callbacks are the main thinking.