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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 207345, member: 83167"] [JUSTIFY][img]https://i.ibb.co/LgjYLWS/2.png[/img] During the Asian session, WTI Crude Oil prices show multidirectional dynamics, holding close to $103 per barrel. Yesterday, EU representatives reaffirmed their intention to phase out the import of Russian energy resources, which increased the likelihood of new prohibitive measures being included in the sixth sanctions package. According to the Secretary of State of the Ministry of Foreign Affairs of France, Clément Beaune, there are currently active discussions on the embargo with partners from the EU, the US, the UK, and Japan. Meanwhile, shipments of Russian oil by sea have already fallen by 25% (3.12M barrels per day). Also, traders evaluate the dynamics of industrial growth rates globally and, in particular, in China, one of the largest importers of petroleum products. The instrument was supported yesterday by an unexpectedly sharp reduction in US oil reserves. Thus, according to the US Energy Information Administration (EIA), for the week of April 15, the indicator fell by 8.02M barrels after an increase of 9.382M barrels over the previous period. However, analysts expected the positive dynamics to continue at 2.417M barrels. At the same time, US strategic reserves decreased by 4.7M barrels, while production slightly accelerated to 11.9M barrels. Inventories of gasoline fell by 800K barrels, significantly lower than the expected value of 1.2M barrels. [img]https://i.ibb.co/qJm69ZL/oil-1.png[/img] Bollinger bands are moving flat on the daily chart: the price range remains practically unchanged, reflecting the ambiguous nature of trading in the short term. The MACD indicator reversed upwards but keeps its previous sell signal (the histogram is below the signal line). Stochastic practically did not react to the appearance of ambiguous trading dynamics on Wednesday and still signals in favor of developing a downtrend in the nearest time intervals. Resistance levels: 103, 105, 107.67, 110 | Support levels: 101.37, 100, 98, 96 [img]https://i.ibb.co/5kxSGvy/oil-2.png[/img][/JUSTIFY] [/QUOTE]
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