Oil prices rise due to Russian crude supply risks

Oil at the basic level

Oil prices rose during today's trading on Monday, as markets assess the growing geopolitical risks against expectations of an imminent global surplus.

Trump warned that he may impose significant sanctions on Russia, and also urged NATO allies to consider imposing tariffs of up to 100% on China and India for their purchases of Russian crude.

And although many European countries have reduced Russian supplies, Hungary and Turkey are still major buyers.

Traders continue to monitor the escalating risks from Ukrainian drone attacks on Russian refineries and export terminals, which threaten to disrupt global flows.

At the technical level

Crude oil prices rose to the levels of 62,75 dollars per barrel, as oil rebounded from the demand zones mentioned in the weekly analysis video here

We still expect a further ascent of oil with the possible formation of a bat-harmonic model on the four-hour frame.

We are aiming to reach the levels of USD 69.00 per barrel and beyond.

Currently, oil is trying to reach the levels of the four-hour downtrend, which in the event of a breakout to the top and closing the resistance levels of 64.30/60 with at least a 4-hour candle, then we expect a further rise of oil.

Our targets are at the levels of 65.65, then 67.00 dollars, and finally the levels of 69.00 dollars per barrel.

This scenario fails if the USD 61.00 levels break down to the downside.