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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 208983, member: 80239"] [JUSTIFY][img]https://i.ibb.co/PWxjxbC/oil-forum-2.png[/img] The North American WTI Crude Oil price is correcting in an uptrend around 114.78. The Wall Street Journal published an article stating the intention of some members of the Organization of the Petroleum Exporting Countries to work out a plan to exclude Russia from the OPEC+ deal. According to experts, Western sanctions and a ban on the import of energy resources by the EU countries will lead to the fact that the production of Russian "black gold" will be reduced by 8% in 2022, and the country will not be able to support the cartel's plan to increase production. However, investors and many analysts have already questioned the reliability of this information since a few days earlier, Saudi Energy Minister Salman bin Abdul-Aziz announced the creation of a draft new OPEC+ agreement, which would include Russia. According to the official, the organization intends to increase production if the oil demand is sufficient. He also stressed that there was no place for politics in an agreement on which the energy stability of the whole world depends. As for the current demand for oil contracts from investors, according to data from the US Commodity Futures Trading Commission (CFTC), the number of net speculative positions in the asset over the past week increased to 334.8K from 325.6K, which confirms the stable interest of traders for the seventh week in a row. [img]https://i.ibb.co/0MYDXnY/oil.png[/img] The price continues to work out a stable buy signal after overcoming the upper border of the Triangle pattern. At the moment, indicator Alligator's EMA oscillation range is actively expanding upwards, and the histogram of the AO oscillator is trading high in the buying zone, forming rising bars. Resistance levels: 115.85, 123.8 | Support levels: 111.77, 98.24[/JUSTIFY] [/QUOTE]
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