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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 209316, member: 80239"] [JUSTIFY][img]https://i.ibb.co/z29c3K0/oil-forum-2.png[/img] Brent Crude Oil prices are holding near a 13-week high after China reported higher-than-expected exports in May, but new lockdown restrictions in Shanghai are holding back a faster gain. For example, China's exports for May increased by 16.9% compared to last year, as the easing of restrictions related to the COVID-19 epidemic allowed some factories to restart. It was the fastest rise since January this year and more than doubled analysts' expectations of 8.0%. Imports also rose by 4.1% YoY, doubling the forecast of 2.0%. New social restrictions have been introduced in some areas of Shanghai. So, in Minhang, where about 2M people live, authorities asked residents to stay at home for two days to control the spread of the virus. At the moment, operational measures are being taken to avoid crowds and testing in places where cases of infection are recorded. Meanwhile, in the US, there is an increase in commercial oil inventories, which casts doubt on further price increases. According to the Energy Information Administration of the US Department of Energy (EIA), the figure rose by 2.025M barrels, despite the forecast for their decline by 1.917M. According to the World Bank report, oil prices added 350% in two years alone, showing a record increase in two years period since 1973. The upward dynamics continue against the background of the escalation of the military conflict in Ukraine. Experts predicted that quotes would add up to 42% compared to the same period last year but already in 2023, the dynamics will correct, and there will be a decline of 8%, and in 2024 – by 13%. Thus, we can conclude that if restrictions in China regarding COVID-19 weaken and the demand for gasoline and petroleum products grows due to the summer season, oil prices will continue to strengthen with an immediate target of 129. [img]https://i.ibb.co/1fG7PcG/oil-1.png[/img] The long-term trend is upwards. This week, the price consolidated above 120, and the next target is 129, the breakout of which will allow the instrument to reach the area of 135. The key trend support is at 115.20. The RSI indicator is approaching the overbought zone, but it still allows considering trades along with the current trend. The medium-term trend is upwards. After the breakdown of the target zone 2 (118.57–117.67) last week, the growth target was zone 3 (127.57–126.67). Long positions may be opened on the correction from the key trend support 117.14–116.24. Resistance levels: 129, 135 | Support levels: 122, 115.2 [img]https://i.ibb.co/XXpNWHm/oil-2.png[/img][/JUSTIFY] [/QUOTE]
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