Will US sanctions on the Russian oil industry continue to drive
<Fundamental>
Oil prices surged to their highest point in five months following the US announcement of its intention to impose stricter sanctions on Russia's oil industry. Countries like China and India, previously reliant on Russian crude oil imports, are actively pursuing new sources of oil supply in the Middle East and Africa. Furthermore, the substantial surge in demand for heating oil, driven by the cold spell sweeping across the US and Europe, is likely to exert consistent upward pressure on oil prices.
<Technical>
USOIL sustains an uptrend and continues to test 77.00. Both EMAs are widening the gap and showing strong bullish momentum. If USOIL breaches above the current high of 77.80, the price could gain upward momentum toward 79.80. Conversely, if USOIL breaks below its support at 74.30 and EMA21, the price may fall further to its following support at 72.00.
Oil prices surged to their highest point in five months following the US announcement of its intention to impose stricter sanctions on Russia's oil industry. Countries like China and India, previously reliant on Russian crude oil imports, are actively pursuing new sources of oil supply in the Middle East and Africa. Furthermore, the substantial surge in demand for heating oil, driven by the cold spell sweeping across the US and Europe, is likely to exert consistent upward pressure on oil prices.
<Technical>
USOIL sustains an uptrend and continues to test 77.00. Both EMAs are widening the gap and showing strong bullish momentum. If USOIL breaches above the current high of 77.80, the price could gain upward momentum toward 79.80. Conversely, if USOIL breaks below its support at 74.30 and EMA21, the price may fall further to its following support at 72.00.
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