Analyst
Black gold has remained consistently bullish as demand rose by 1.1 million barrels per day to 99 million barrels per day in the 4th quarter of 2021. This bullish momentum was further aided by the outage on a pipeline from Iraq to Turkey increasing concerns about a tighter supply, which the geopolitical woes between Russia and the United Arab Emirates have created. The pipeline affected conveys crude out of Iraq, a major player and second-largest producing member of OPEC to the Turkish port where it is exported to other countries.
The oil market seems set for a sustained bullish run as members of OPEC continually fall short of their production quota and this might help push black gold to a height not seen in over 3 years.
The commodity has consistently found support around the 21 EMA for some weeks now, and I expect this trend to continue surging price northward. The gap up at the opening of the market this morning created an opportunity for a retracement to the region around the EMA, with a stop loss placed around the low created yesterday around 86.39 and profit target at 89.10. Traders can trail their trades and exclude the TP, since the momentum to the upside remains intact.
No major economic data with a bearing on black gold today.
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