Oil prices rose three days in a row from a low of 76.00 to a high of 80.06 yesterday.
Despite consecutive increases in oil prices, investors may still be waiting for the OPEC+ meeting scheduled for June 2. This appeared to offset the easing impact of speculation that the Fed would cut interest rates at its September meeting.
If the OPEC+ meeting goes ahead with cuts the two million barrels per day cut could reduce supply, which would likely increase oil prices due to supply concerns in an already tight market.
On the other hand, the Fed's forecast for lowering interest rates has begun to decline, and estimates that the US central bank will begin reducing lending rates in the last quarter of this year.
On the D1 timeframe, oil prices are now moving near the upper band line, a break of this level could lead the price to rise closer to the MA 50 line in the range of 81.00.
The Bollinger band still appears to be deflated, reflecting reduced volatility or perhaps a trend transition.
Despite consecutive increases in oil prices, investors may still be waiting for the OPEC+ meeting scheduled for June 2. This appeared to offset the easing impact of speculation that the Fed would cut interest rates at its September meeting.
If the OPEC+ meeting goes ahead with cuts the two million barrels per day cut could reduce supply, which would likely increase oil prices due to supply concerns in an already tight market.
On the other hand, the Fed's forecast for lowering interest rates has begun to decline, and estimates that the US central bank will begin reducing lending rates in the last quarter of this year.
On the D1 timeframe, oil prices are now moving near the upper band line, a break of this level could lead the price to rise closer to the MA 50 line in the range of 81.00.
The Bollinger band still appears to be deflated, reflecting reduced volatility or perhaps a trend transition.
