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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 206452, member: 83167"] [HEADING=1][JUSTIFY]Brent Crude Oil: oil market expects major changes[/JUSTIFY][/HEADING] [JUSTIFY]Benchmark Brent Crude Oil prices are currently trading below 108.00 as geopolitical tensions eased after talks between Russian and Ukrainian delegations in Turkey yesterday. Yesterday, the CNBC TV channel published a report on the reorientation of Russian oil supplies to Asian markets. According to experts, there is no talk of a complete change in the transportation route, but according to data for the first quarter of 2022, it is planned to increase exports to India significantly. Since the beginning of March, about 6M barrels have already been sent to the country, which is half of last year's total volume, and a 20% discount on supplies has also been provided. Also, it is reported that a preliminary agreement has also been reached with China, and if it is eventually signed, this could make serious changes to the global energy market and support Brent Crude Oil quotes. Also, the Ministry of Energy of Saudi Arabia announced the intention of the kingdom to increase production in 2022 and the possible appearance of an excess of oil of about 2M barrels per day on the market in this case. Yesterday's report on stocks from the American Petroleum Institute (API) showed a decrease in stocks by 3.000M barrels, while last week, the reduction was 4.280M. If today's US Department of Energy (EIA) statistics also reflect a decrease in stocks, this will support the oil price. [B]On the global chart, the price continues to clamp within the formation of the global Triangle pattern. Technical indicators keep a buy signal that is not clear enough. Indicator Alligator's EMA fluctuations range narrows, and the histogram of the AO oscillator forms downward bars in the buy zone. Support levels[/B]: 106.3, 96 | [B]Resistance levels[/B]: 118, 131.[/JUSTIFY] [ATTACH type="full"]20843[/ATTACH] [/QUOTE]
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