Oil prices are rising because investors believe that the Fed will take a pause in raising interest rates. They also presume that the US economy will not fall into recession, which will keep energy demand strong.
technical picture:
The quote is above the middle line of the Bollinger indicator, below the SMA 5, but above the SMA 14. The relative strength index (RSI) is above 50% and is declining slightly, while the stochastic indicator is moving up from the overbought area .
Possible dynamics:
An increase above 113.50 may lead to a further jump to 116.60.
