Oil prices are rising with the support of the cold wave in America

Oil prices have risen with the ongoing cold wave in the United States, and indications of a more strict market, which instead of technical signals indicating that high prices may be exaggerated. West -texas -Irmediate rough clouds with a rate of about 1% to settle at $ 74 a barrel, powered by cold weather in the United States, increasing the demand for fuel heating and increasing the risk of freezing production. Although oil fell for the first time during six sessions on Monday after failing to enter the $ 75 level of psychological support, some internal market indicators have increased the strength in recent days. In addition to signs of a stricter balance between supply and demand, the oil markets in the midste have seen stronger stability over the past few weeks, with refineries in China looking for alternatives to Iranian and Russian oil. At the same time, Russian data shows that oil production was less than the goal within the “OPEC+” agreement last month, indicating a limited supplies. In China, the ports in eastern Shandong province, which is the first destination for Iranian oil, were encouraged to prevent US sanctions in their marinal anchors. The crude oil markets saw a strong start this year due to technical purchases after prices left a narrow range that lasted a few months. However, the relative strength index shows that prices are trading at exaggerated levels, indicating a possibility of decline, as many analysts still warn a surplus in supplies later in the year. Tamas Fraga, an analyst at the BVM Mediation Company (PVM): “Although the renewal of power cannot be excluded in the near future if low temperatures persist, the sudden change in morale yesterday afternoon that the continued increase for a long time will be difficult without fundamental changes in economic expectations or in the world.”