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Federal Reserve Governor Waller will speak in ten minutes at the Bloomberg New Economy Forum in India.The Indian Embassy in Saudi Arabia: IndiGo has cancelled flights to and from Riyadh, Jeddah, Dammam and Medina until October 17.On October 13th, Citigroup stated that the Gulf regions economy is expected to contract by 3.1% this year, reversing the 4.5% growth forecast for 2025, as regional conflicts disrupt oil production and drag down non-oil sector activity. The bank predicts that oil sector output will shrink by 13.7%, while non-oil sector growth is expected to slow to 1.0% from 5.1% last year. Citigroup noted that the impact on the six Gulf economies will vary significantly, depending on the availability of alternative export routes and the extent of disruption to trade and tourism. Its forecast is based on the assumption that shipping in the Strait of Hormuz will return to normal in the fourth quarter; however, continued disruptions will pose further downside risks.The Ukrainian Ministry of Defense announced that the Ukrainian parliament has supported an initiative by the Ministry of Defense to allocate 100% of the defense export licensing fees to the Ukrainian Armed Forces. The fees for export control documents on military and dual-use goods will be divided equally: half will be used for the procurement, modernization, and maintenance of weapons and equipment, and the other half for military personnel salaries.According to Polish media outlet RMF FM, German police have detained a third person in connection with the Starlink fire in Poland.

Look at $81.62 on NYMEX crude oil

Oct 26, 2021 11:01

On Monday (October 11), international oil prices rose, continuing the previous seven-week streak. Due to supply restrictions by major producing countries, and as economies try to recover from the new crown epidemic, demand for fuel continues to grow. NYMEX crude oil looks at US$81.62 in the market outlook

GMT+8 13:36, NYMEX crude oil futures rose 1.95% to 80.90 US dollars / barrel; ICE Brent crude oil futures rose 1.54% to 83.66 US dollars / barrel. The two cities respectively refreshed their highs since October 31, 2014 to US$81.02/barrel and their highs since October 10, 2018 to US$83.80/barrel.


As more people who have been vaccinated get rid of the lockdown, economic recovery is gaining momentum, and coal and natural gas prices have soared, making oil more attractive as a fuel for power generation, driving the oil market higher. The two major crude oil markets have been rising for seven consecutive weeks.

But as US inventories have increased again after the recent decline, oil prices may begin to falter. Caroline Bain, chief commodity analyst at Capital Investment Macros, said in a report: "We believe that crude oil prices will not rise sharply this quarter, and we still expect a gradual decline next year."

On the daily chart, U.S. oil is in an upward ((3)) wave that started from $61.74 and broke through the 23.6% target of $78.37. The upper resistance looks at the $80 mark and the ((3)) wave 38.2% target of 88.66. Dollar.

On the hourly chart, oil prices are in five upward waves starting from 74.97 US dollars, and the upper resistance looks to the 138.2% target of 81.62 US dollars. Wave 5 is a sub-wave of the upward (1) wave that started at $61.74. (1) Waves are the sub-waves of ((3)) waves.

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