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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 206661, member: 83167"] [JUSTIFY][B]WTI Crude Oil, Saudi Arabia raised oil prices in May[/B][/JUSTIFY] [HR][/HR] [JUSTIFY]Energy assets continue to add value amid calls by EU leaders for the introduction of new anti-Russian sanctions in response to the events in Ukraine. Now the price of North American WTI Crude Oil is being adjusted in an uptrend and is at around 103.46. Earlier, the US authorities proposed another plan to stabilize the global oil market, for the implementation of which it is planned to use reserves from the US strategic reserve. In particular, the head of the White House, Joe Biden, announced the launch of an additional 1M barrels per day on the market within six months, which will lead to the release of approximately 180M barrels of "black gold". Now it is difficult to assess how much this decision will put pressure on quotes, but Saudi Arabia immediately responded by adjusting its pricing policy. Thus, the state-owned Saudi Aramco company, which accounts for more than 60% of its supplies to Asia, and among the largest buyers are China, Japan, South Korea and India, announced that it is raising selling prices for all grades of oil that will be delivered to the Asian and American markets in May. In particular, the price of Arab Light grade oil for Asian buyers will rise to 9.35 dollars per barrel, and for American buyers – to a record 5.65 dollars per barrel. For European consumers, the price of Arab Light will increase by 3 dollars, and Brent Crude Oil – by 4.6 dollars comparing to April quotes. The management of Saudi Aramco made this decision after OPEC+ last Thursday confirmed plans for a gradual increase in production by 400K barrels per day in accordance with the schedule of gradual growth, despite the jump in energy prices observed on the market. [/JUSTIFY] [ATTACH type="full"]20939[/ATTACH] [JUSTIFY]On the daily chart of the asset, the price continues to trade within the global "triangle" pattern, before the end of the formation of which there is not much time left. Technical indicators do not give a single signal: the range of EMA fluctuations on the alligator indicator has begun to narrow again, and the histogram of the AO oscillator forms new descending bars, being close to the transition level. [B]Resistance levels[/B]: 107.43, 122 | [B]Support levels[/B]: 97.17, 87.2[/JUSTIFY] [/QUOTE]
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