WTI Crude Oil (USOIL) showed an upward trend
IEA expects an increase in global oil consumption in 2024.
According to IEA, global oil demand could rise this year, increasing consumption from 1.2
million to 1.3 million barrels a day, easily absorbing swelling production from the Americas.
On the other hand, Russia's friendly Oil tanker is being halted by the US sanctions.
USOIL showed an upward trend for seven consecutive trading days, surpassing the 77.0 threshold. If the positive momentum continues, USOIL's top could expand to the first resistance of 78.90, providing additional momentum toward 81.40. However, a short-term price pullback could occur as RSI has entered an overbought territory.
According to IEA, global oil demand could rise this year, increasing consumption from 1.2
million to 1.3 million barrels a day, easily absorbing swelling production from the Americas.
On the other hand, Russia's friendly Oil tanker is being halted by the US sanctions.
USOIL showed an upward trend for seven consecutive trading days, surpassing the 77.0 threshold. If the positive momentum continues, USOIL's top could expand to the first resistance of 78.90, providing additional momentum toward 81.40. However, a short-term price pullback could occur as RSI has entered an overbought territory.