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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 209356, member: 80239"] [JUSTIFY][img]https://i.ibb.co/tMHNZDR/crude-oil-2.png[/img][/JUSTIFY] [HEADING=1][JUSTIFY]OPEC's ability to increase production has been exhausted.[/JUSTIFY][/HEADING] [JUSTIFY]Yesterday, OPEC Secretary General Mohammed Barkindo said that the cartel was running out of opportunities to increase the production of "black gold." According to the official, the production capacities of the participating countries, except for two or three states, are at their peak, and in this situation, there are practically no opportunities to influence the rise in prices. Barkindo added that the market could expect even more turmoil as China recovers from a new wave of the coronavirus pandemic and boosts demand significantly. He also called for increased investment in the oil and gas sector, although the US authorities have previously called for a stop to financing fossil fuels, switching to renewable energy. During the hearings of the US Committee on Foreign Affairs, US State Department Senior Energy Security Adviser Amos Hochstein expressed concern that India had increased its purchases of Russian oil from 100K barrels per day to 800K and urged official New Delhi to curb this trend, despite strong dependence on supplies. One of the main reasons for the observed dynamics is a significant discount for the Urals brand relative to the oil price for Brent Crude Oil. According to the official, if the country refuses to import resources from the Russian Federation, then there will be no other buyer for them, so these purchases will not look like a blow to European and American consumers who have already refused to cooperate with the Russian authorities under the sixth economic package sanctions. Thus, there are almost no factors that can put pressure on the asset's quotes on the market now, in connection with which many experts spoke about the possibility of oil prices rising to 150 dollars or more by the end of 2022. [img]https://i.ibb.co/SmYy4q4/oil.png[/img] After the breakout of the upper border of the Triangle pattern, the price works out a signal to open long positions. At the moment, indicator Alligator's EMA oscillation range is actively expanding upwards, and the histogram of the AO oscillator is forming rising bars high in the buying zone. Resistance levels: 122.2, 130 | Support levels: 113.8, 97.5[/JUSTIFY] [/QUOTE]
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