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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 210483, member: 80239"] [HEADING=1][JUSTIFY]Crude Oil - the oil market is correcting after the collapse[/JUSTIFY][/HEADING] [JUSTIFY]After a significant decline last week, the trading instrument moved to an upward correction caused by statements by the state oil company of Saudi Arabia, Saudi Arabian Oil Company, that a supply crisis does not threaten the oil market, as it has an additional production capacity of 1.5M barrels per day, which can be used if necessary. Although this level cannot be maintained for long, it will be enough to compensate for the lack of oil while other members of OPEC+ increase their production. Confidence that Saudi Arabia has these opportunities is added by the announced goals of the Saudi Arabian Oil Company to increase production from 12M barrels to 13M per day by 2027. Also, the US authorities are actively trying to negotiate with Asian countries on setting marginal prices for Russian oil around 40–60 dollars per barrel. Moscow has already stated that it will not trade energy resources in such conditions. If this happens, then, according to experts, oil prices will be able to exceed 300 dollars per barrel. [img]https://i.ibb.co/9VpDCBF/oil.png[/img] On the global chart, the trading instrument is moving below the global support line, limiting the possibility of long-term growth. Technical indicators maintain an increasing sell signal: fast EMAs of the Alligator indicator are moving away from the signal line, and the AO oscillator histogram is forming downward bars in the sell zone. [B]Resistance levels[/B]: 108.22, 113.66 | [B]Support levels[/B]: 98.57, 92.4[/JUSTIFY] [/QUOTE]
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