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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 207906, member: 83167"] [JUSTIFY][img]https://i.ibb.co/9bQxVfk/oil-forum-2.png[/img] Prices for benchmark Brent Crude Oil are correcting, trading above the 110 dollars per barrel mark amid the disclosure of information about shady transactions for the purchase of Russian "black gold" by China. There has been an upward turn in the market after the Financial Times published an article that disclosed information about the purchase of Russian oil by Chinese refineries from state-owned traders incognito in order to avoid US sanctions. The newspaper refers to an employee of a private oil refinery in Shandong, who said that deliveries have been carried out since the beginning of March, and these transactions have not been publicly disclosed. First of all, this news alerted officials in the USA and the EU, who are developing restrictions on energy imports from the Russian Federation. So, the EU authorities presented the sixth package of sanctions against the Russian economy, which includes steps to phase out the supply of "black gold". According to the President of the European Commission, Ursula von der Leyen, the achievement of a full embargo on oil will be possible only in six months, and on petroleum products – at the end of this year. An exception will be made only for Slovakia and Hungary, which will still be able to buy resources from Russia under existing contracts, since their dependence on supplies is very high. The sixth package of sanctions will be approved on May 10 at the next meeting of the EU Council on Foreign Affairs. [img]https://i.ibb.co/XFWpWPL/oil.png[/img] On the weekly chart, the price attempts to overcome the resistance line of the global triangle pattern. Technical indicators reversed and issued a new buy signal: the fast EMAs of the alligator indicator crossed the signal line from the bottom up, and the histogram of the AO oscillator moved into the buy zone. Support levels: 100.8, 90.1 | Resistance levels: 113.26, 129[/JUSTIFY] [/QUOTE]
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