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Crude Oil Updates by Solid ECN
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[QUOTE="Solid ECN, post: 208395, member: 83167"] [JUSTIFY][img]https://i.ibb.co/1ZcDmdy/oil-forum-2.png[/img] Benchmark Brent Crude Oil price is correcting, trading just above 112 dollars per barrel. The quotes have returned to upward dynamics against the backdrop of positive reports received this week about the stabilization of supply in the hydrocarbon market. For example, Saudi Arabia announced that it plans to increase oil production to 13.4M barrels per day by 2027. The country's energy minister, Abdulaziz bin Salman Al Saud, said the country is ready for such an increase in production and will maintain it at this level if the market demands such a volume, but so far, this is not happening. Iran's state oil company NIOC said it could double the current level of supplies to the global market if buyers are willing. The corporation can achieve similar volumes after the start of the second stage of development of the Azedegan field, whose reserves are estimated at 32B barrels. Local support for the quotes of "black gold" was provided by a Reuters report, according to which India has seriously increased the volume of oil purchases from Russia. According to the agency, India has placed orders for at least 40M barrels of oil on the exchange between mid-February and now, which significantly exceeds the entire volume of purchases in 2021, which amounted to 16M barrels. [img]https://i.ibb.co/nRHJhVY/oil.png[/img] On the global chart, the price tried to exit the Triangle pattern. The technical indicators reversed and gave a buy signal: fast EMAs of the Alligator indicator crossed the signal line upwards, and the AO oscillator histogram again moved into the buy zone. Resistance levels: 118.20, 131.8 | Support levels: 108.30, 98.8[/JUSTIFY] [/QUOTE]
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