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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 208885, member: 80239"] [JUSTIFY][img]https://i.ibb.co/hg6F9z8/oil-forum-2.png[/img] The reference Brent Crude Oil prices increase, trading just above 116 dollars per barrel amid anxious information regarding the capture of two Greek oil tankers. As it became known yesterday, the Corps of the Guardians of the Islamic Revolution captured two oil Greek tankers in the Persian Gulf. The action was an answer to the recent decision of the Athenian Court to transfer to the United States Iranian oil from the detained Russian tanker. Similar incidents in the Persian Gulf threaten the entire traffic of oil supply through the Ormuzian Strait, and some suppliers have already begun to think over alternative routes, which will significantly increase the costs of transportation and energy supply time. Also, to the fundamental background, statistics signal in favor of the growth of the instrument. According to the US Commodity Futures Trade Commission (CFTC), the demand for oil contracts by traders began to increase sharply, and last week their number rose to 334.8K, exceeding 325.6K a week earlier, indicating the intention of the majority of the traders to purchase them in their long-term portfolios. [img]https://i.ibb.co/b5CLt2W/oil.png[/img] On the global chart, the asset is growing within the development of the global Triangle pattern with the ultimate target around the year’s high of 130. Technical indicators keep a stable buy signal: the fast EMA of the Alligator indicator are above the signal line, expanding the oscillation range, and the AO indicator histogram forms upward bars in the buy zone. Resistance levels: 118.50, 130 | Support levels: 112.3, 100.8[/JUSTIFY] [/QUOTE]
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