Why oil price went up?

I was cfilling up the tank of my car the other day and noticed that the oil price went up from SGD2.70 to SGD2.75, I wondered," what the hack?

My last up-date on oil price was quite far away, in Crude oil reversing up...with power..... dated 22nd Oct 2022, I saw the possibility of Crude oil rising back up. It did not happen and I chose to leave it aside.

Since then, Crude oil continued to slide downward, slowly. Which was the reason for my surprise. Has it climbed up from its fall?

Fig 1. Crude Oil weekly chart

At the time of writing this article, Crude Oil fell below the moving averages, went into congestion and lately resisted by the 89-week moving average.

At this point of time, it retreated from 89-week moving average and testing its 144-week moving average. 

I will have to change my view on Crude Oil, that the chance of it heading further south is much higher.

Based on its top formation (double top), its next support level should be between 56 to 70. Using the more immediate set up on the other hand, the projection support lies between 59 to 67. 

These 2 sets of values lie close to each other. I suspect the support will be quite prudent.

 If oil price is on the down slide, what else can cause the increase in oil price locally? Would it be due to SGD depreciate against USD?

Fig 2. SGD weekly chart

SGD is actually on a rapid rise against USD. IT broke the low of the past wave and stayed below the mark.

Looking that the chart, I can use expansion to measure a much farther support line, which lies some where around 1.222. At its worst of 100% expansion, it will be 1.167 per USD.  

Its zig zag pattern on the other hand, measures a support of 1.3003. If this support is broken, then 1.2599 will be the next support level.

Seriously speak, if it comes to SGD1.167 per USD, it is not the matter if we should prepare for tour to US, but the stability of the financial market, both US and the world. US is the world's largest debt holder, through issuance of bonds bought by other countries. The shrinking of USD will lead to a shrinkage of the wealth of these countries as well.

To me it is quite scary.

As for the oil price in my neighborhood?   I am not sure. May be the oil company here is a trend follower? Let's hope that the oil price continues to go down next week.