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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 218679, member: 83167"] [HEADING=1][JUSTIFY]Oil[/JUSTIFY][/HEADING] [JUSTIFY]Oil launched a new week's trading lower amid an overall increase in risk aversion. WTI drops below $65 per barrel and trades at the lowest level since November 2021! Declines accelerated after price dropped below a key $70-72 price zone last week. The $60-65 area is a demand zone marked with local lows from 2021 and local highs from 2019 and 2020. There are few reasons behind a drop in oil prices:[/JUSTIFY] [LIST] [*][JUSTIFY]Concerns over conditions of banking and financial systems in the United States and Europe. UBS will acquire Credit Suisse but it failed to ease market concerns[/JUSTIFY] [*][JUSTIFY]Demand in China remains weak - imports stay low, run rates in refineries drop but at the same time Chinese exports of oil derivatives are increasing, what may hint at oversupply in the country[/JUSTIFY] [*][JUSTIFY]Lack of interest from speculators - end-February data shows oil being extremely net oversold by speculators[/JUSTIFY] [*][JUSTIFY]Goldman Sachs - one of the world's largest institutional bulls when it comes to oil - slashed Brent price 12-month ahead forecast from $100 to $94 per barrel[/JUSTIFY] [/LIST] [JUSTIFY][img]https://www.linkpicture.com/q/oil_10.png[/img] WTI (OIL.WTI) drops below $65 per barrel. Price dropped to a key zone, marked with local highs and lows from previous years, as well as with the range of two largest downward impulses in recent year (2014 and 2020).[/JUSTIFY] [/QUOTE]
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