oil goes bid on tight U.S. stockpiles, passes briefly over its $90 resistance.

Chart 1

Chart 2

Chart 3

Oil crossed over the $90 resistance, to which it closed out my long position earlier.  Please refer to the Chart 1.  This was after the Federal Reserve increased interest rate/s to another 75 basis points in line with market expectations, the U.S. Dollar rose as did oil, which is not unusual, but shows that oil supply remains very tight (non recessionary) with API figures released showing a decrease of 6.53 BBL/1Million, as follows from: www.api.org.

Last Release
Oct 28, 2022
Actual
-6.53
Units In
BBL/1Million
Previous
4.52

Frequency
Weekly        

Chart 2, shows position on for the $90 resistance to be breached again at 1.44%.   

Chart 3, shows the overall positions and support/resistance lines to date.

A very good indication that American and the world is facing a stagflation issue on oil/energy inflation.  Despite no recession (at this point in time), globally economies are all becoming stagnated with little or no growth, despite rising prices.