This may become bullish for the global market of crude oil. The US demand for crude oil is growing amid tensions and uncertainty in the Middle East.
According to the recent survey conducted by Bloomberg, 21 experts is sure that oil prices will rally this week. 8 experts say the prices will go down. 3 experts are sure there won’t be any major price changes.
A couple of weeks ago, US refineries increase their capacity up to 92.6%, thus nearing the 5-year high.
What factors contribute to higher oil prices?
· Higher demand shown by US refineries
· Armed conflict in Syria (geopolitical risks)
· Us Dollar
The chart below, courtesy of , represents the price behavior seen in them market of Brent oil. On Friday, it finished wave 4 and is now about to start another upswing. Wave 5 will probably be a prolonged one. 111,27 may become a crucial level of support in the future wave markup.
