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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 208188, member: 83167"] [JUSTIFY][img]https://i.ibb.co/YLmLxBH/crude-oil-forum-2.png[/img] Benchmark Brent Crude Oil is correcting, trading just above 105 dollars per barrel. The quotes stopped their protracted decline and made a significant leap up against the backdrop of positive news from China and the growth of energy reserves in the United States. Yesterday it became known that the situation with the spread of coronavirus infection in China has improved significantly, and the number of new cases of infection in Shanghai, where severe restrictions were introduced, decreased by 51%. On Wednesday, authorities in the industrial center said that the number of cases of COVID-19 had been reduced to zero in at least half of the city's districts, but there is no talk of lifting restrictions yet. Thus, fears for a decrease in demand in the world oil market have weakened. Yesterday, Bloomberg reported that European politicians were preparing a plan to reduce the dependence of EU countries on imports of Russian energy resources. In particular, it is planned to develop renewable energy, increasing its share to 45%, as well as to reduce electricity consumption by 13% by 2030 instead of the 9% previously indicated. The measures will also allow significant savings on the purchase of gas, oil, and coal by 80B euros, 12B euros, and 1.7B euros per year, respectively. The document will also contain steps to replace resources from the Russian Federation in the event of an immediate cessation of supplies. Additional support for the quotes of the asset was provided by statistical data from the United States. The American Petroleum Institute (API) reported an increase of 1.618M barrels in inventories after reducing by 3.479M a week earlier, followed by the Energy Information Agency (EIA) reported a significant increase in inventories of 8.487M barrels from 1.302M a week earlier. [img]https://i.ibb.co/zPK98kW/oil.png[/img] Yesterday, Washington again called on the OPEC+ countries to increase oil production levels. In case of refusal, Saudi Arabia will be accused of cartel conspiracy, and a corresponding bill will be adopted. Current production levels, according to the US authorities, could push the economy into recession, contribute to a crisis in the cost of living, and put pressure on both supply and demand for energy resources. Saudi Arabia has threatened that if this bill is passed, the country will reserve the right to refuse to pay in dollars when selling oil and investing in the American economy. On the global chart, the price moves within the Triangle pattern. Technical indicators remain uncertain without giving clear signals: the fast EMAs of the Alligator indicator are close to the signal line, and the AO oscillator histogram is at the transition level without leaving any of the zones. Resistance levels: 112.2, 128.16 | Support levels: 100.5, 90[/JUSTIFY] [/QUOTE]
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