Oil Prices Jump To Four-Month High, Surpass 200-Day Average: 'Momentum Indicators Remain Bullish,' Analyst Says
Portfolio Pulse from Piero Cingari
Oil prices reached a four-month high, surpassing $82 per barrel, influenced by the U.S. planning to replenish its Strategic Petroleum Reserve, Ukrainian drone strikes on Russian refineries, and a bullish technical outlook as indicated by the United States Oil ETF (USO) exceeding its 200-day moving average. Factors such as China's economic recovery and OPEC+ production cuts also contribute to the tight oil market and positive demand outlook.
March 18, 2024 | 9:34 pm
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The United States Oil ETF (USO) has surpassed its 200-day moving average, indicating a bullish technical outlook amid rising oil prices due to geopolitical tensions and supply-demand dynamics.
The USO ETF's performance is directly influenced by crude oil prices. The current geopolitical tensions, supply constraints, and positive demand outlook, as indicated by factors such as the U.S. replenishing its SPR and the impact of Ukrainian drone strikes on Russian refineries, contribute to a bullish sentiment for oil prices. This, in turn, is likely to positively impact USO's short-term price movement.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90