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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 216074, member: 80239"] [HEADING=1][JUSTIFY]Crude Oil - Oil reserves in the USA have sharply decreased again[/JUSTIFY][/HEADING] [JUSTIFY]According to October statistics, the USA holds the lead with 11.971M barrels of oil, Saudi Arabia is in second place with 10.957M barrels, and Russia is in third place, which has significantly reduced production levels, which amounted to 10.66M barrels and is still higher than the 10.599M barrels recorded in August. During the period from January to October, energy production in the Russian Federation managed to increase by 2.4% from last year's figure to 443.2M barrels. At the same time, oil reserves in the US strategic reserve continue to decline rapidly: last week the indicator adjusted by -3.6M barrels, amounting to 378.6M barrels, which is the lowest value since 1983. In addition, the US Department of Energy announced that in order to replenish the volumes put on the market, the purchase of energy will begin, and the first batch of 3.0M barrels will be delivered in February 2023. [img]https://i.ibb.co/bswgbs9/oil.png[/img] On the daily chart of the asset, the price is trading within a descending corridor, being in the middle of the range. Technical indicators hold the sell signal, which has weakened somewhat recently [B]Support levels[/B]: 81.20, 75.80 | [B]Resistance levels[/B]: 84.6, 89.4[/JUSTIFY] [/QUOTE]
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