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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 207110, member: 83167"] [JUSTIFY][ATTACH type="full"]21198[/ATTACH] The day before, Russian President Vladimir Putin, as part of a meeting with members of the government, instructed to submit a project for reorienting oil and gas supplies from Europe to Asia by June 1 of this year. For the market, this means that Russia does not intend to wait for a long time for a decision from the EU authorities on its readiness to continue cooperation and plans to consider Africa, Asia and Latin America as alternative markets. The head of the Russian state also instructed to accelerate the implementation of infrastructure projects, including pipelines, in order to redirect the supply of resources to new consumers. It is quite natural that after such statements, oil quotes again began to rise sharply. In the meantime, the European Union plans to introduce a phased ban on Russian oil, so that Germany and other countries have time to find alternative suppliers and provide transport infrastructure for the delivery of raw materials. At the moment, the transition period is determined to be at least a month long. It is planned to submit the idea of a complete embargo on Russian fuel for consideration by all EU members after the second round of elections in France, which will be held on April 24. At the moment, Germany receives 34% of the total oil from the Russian Federation, and the European Union receives 25%. Statistics on oil reserves from the Energy Information Administration of the US Department of Energy (EIA) and the American Petroleum Institute (API) this week were unexpected. According to the API, inventories rose by 7.757 million barrels, while the EIA reported an increase to 9.382 million barrels, the highest level since March 2021. [ATTACH type="full"]21199[/ATTACH] On the global chart, the price continues to trade as part of the formation of the global Triangle pattern. Technical indicators are ready to give a new sell signal: the fast Alligator indicator EMAs crossed each other, and the histogram of the AO oscillator is forming ascending bars. [B]Support levels[/B]: 103.65, 95.17 | [B]Resistance levels[/B]: 118.1, 131.2[/JUSTIFY] [/QUOTE]
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