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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 207216, member: 83167"] [HEADING=1][JUSTIFY]Crude Oil, "black gold" consolidated above $110[/JUSTIFY][/HEADING] [JUSTIFY]During the Asian session, Brent Crude Oil prices show ambiguous trading dynamics, consolidating near the level of 111.00 and renewing local highs of March 28. The fears of a sharp reduction in market supply if the EU expands sanctions and imposes a full or partial embargo on Russian energy supplies as the military conflict over Ukraine escalates, support the prices. The approved fifth package of sanctions did not include a complete ban on importing "black gold" but outlined restrictions on the purchase of coal and some other raw materials. Nevertheless, Europe is already announcing new measures that may also affect oil flows. The US and the UK had previously announced a complete cessation of imports from Russia, which significantly impacted the dynamics of prices in commodity markets. Also, there is an unstable situation in production at the El Feel field, located in the west of Libya. Amid protests against incumbent Prime Minister Abdul Hamid Dbeib, the state-owned National Oil Corp. announced the suspension of production, and two ports were forced to stop working, as a result of which the shipment of 1M barrels of crude oil was blocked and production of about 65K barrels per day was stopped. At the beginning of the week, statistics from China moderately support the prices. Thus, the country's Q1 GDP rose by 1.3% and 4.8%, with preliminary estimates of 0.6% and 4.4%. At the same time, the pace of industrial production again slowed down from 7.5% to 5.0%, which was only 0.5% stronger than analysts' forecasts. China is one of the largest importers of oil and oil products, and the slowdown in its economy is extremely painful for the overall level of demand.[/JUSTIFY] [ATTACH type="full"]21235[/ATTACH] [JUSTIFY]Bollinger bands are trying to reverse upwards on the daily chart: the price range is expanding, barely keeping with the surge of the "bullish" sentiment. The MACD indicator grows, keeping a poor buy signal (the histogram is above the signal line). Stochastic remains in an upward direction but is close to its highs, reflecting that the instrument may become overbought in the ultra-short term. Resistance levels: 112, 115.5, 118.32, 121 | Support levels: 109, 106, 102.8, 100[/JUSTIFY] [ATTACH type="full"]21236[/ATTACH] [/QUOTE]
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