Oil prices jumped because EU leaders decided to ban 90% of current supplies to the region by the end of the year. That, along with high global demand, will support high prices.
technical picture:
The quote is above the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. The relative strength index (RSI) is at the overbought zone, similar to the stochastic indicator.
Possible dynamics:
Oil prices will rise to 120.00 first, and then go to 121.50.
