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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 209276, member: 80239"] [JUSTIFY][img]https://i.ibb.co/MhbxYfg/oil-forum-2.png[/img] [/JUSTIFY] [HEADING=1][JUSTIFY]Trading near local highs[/JUSTIFY][/HEADING] [JUSTIFY]During the Asian session, Crude Oil prices show flat dynamics, trading near the level of 118.5 and holding close to local highs from March 9. The instrument is supported by an increase in energy demand with the beginning of the summer season in the US. Also, investors fear that a new EU sanctions package against the Russian economy, which includes a partial embargo on the supply of "black gold," may provoke a supply crisis in the market. Demand for hydrocarbons is also rising in China, where quarantine restrictions were eased in early June, and enterprises in Shanghai resumed their work. Investors continue to evaluate the decision of OPEC+ members to increase production volumes to compensate for existing losses in supply chains after the introduction of anti-Russian sanctions against the background of the military conflict in Ukraine. Thus, in July, production will increase to 648K barrels per day instead of 432К barrels per day predicted by analysts, which is 0.7% of world demand. Market experts believe that the unpredictable decision of the cartel members is unlikely to significantly affect the dynamics of the instrument since, even now, the largest producers, excluding Saudi Arabia and the United Arab Emirates, are working at their limit. On Tuesday, the quotes were under pressure from the American Petroleum Institute (API) report on oil stocks in the country. For the week of June 3, the indicator increased by 1.845M barrels after falling by 1.181M barrels in the previous period. On Wednesday, traders are waiting for the publication of the final report on oil reserves from the Energy Information Administration of the US Department of Energy (EIA). [img]https://i.ibb.co/1Rb1X55/oil-1.png[/img] On the daily chart, Bollinger bands are growing moderately: the price range remains practically unchanged; however, it lets the "bulls" renew local highs. The MACD indicator grows, keeping a poor buy signal (the histogram is above the signal line). Having reached its highs, Stochastic reversed into a horizontal plane, indicating that the instrument may become overbought in the ultra-short term. Resistance levels: 119.1, 121, 123.30, 125 | Support levels: 115.79, 113.13, 110, 107.67 [img]https://i.ibb.co/j3LTyjV/oil-2.png[/img][/JUSTIFY] [/QUOTE]
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