The situation is still very uncertain on the price of oil – depositidiborsa.it
Another week has gone by without anything having changed in the medium/long term framework. Indeed, Russia pushes up the price of oil, but the situation is still very uncertain. Suffice it to say that oil prices are still moving within the weekly bar of December 5 identified by the $83.21 and $70.57 levels. Only the break of one of these two levels could give direction to the price of black gold.
Why did the oil price go up?
As readers will recall, in December the G7 imposed a price-cap on Russian oil prices of $60 a barrel. The result of this maneuver has been to reduce revenues in Russia’s coffers and weaken it in the long run. The goal has been achieved given that countries such as China and Indica have asked for and obtained favorable prices to buy oil from Russia.
What is Russia’s goal with a 10% cut in supplies?
Although Russia is touting this move as a retaliatory action that will keep some crude out of the market and perhaps it will raise the price at which it can sell its oilsome analysts think it is actually cutting production because it can’t find enough buyers for the oil it has been producing.
Surely this event will affect the price of oil in the coming weeks as well.
Russia pushes up the price of oil: the indications of the graphic analysis
The petrolium it closed the February 10 session at $79.72, up 2.13% on the previous session. The week closed with an increase of 8.63% compared to the previous weekly closing.
Daily time frame
Averages that on oil are on the verge of crossing upwards
On a daily level, everything seems to be heading towards a trend reversal. As has already happened in the past, however, it may not be enough to boost prices. As can be seen from the graph, in fact, there is one very strong resistance in the $82.17 area which has already held back the rise in prices in the past.
For the next sessions, therefore, closely monitor what will happen at this level. Exceeding it could push oil towards the $100 area. Otherwise, returns in the $70 area could be possible.
Weekly time frame
Uncertain averages on oil which confirm the difficulty of finding the right direction of quotations – depositidiborsa.it
Oil prices are still moving within the weekly December 5th bar identified by the $83.21 and $70.57 levels. Only the break of one of these two levels could give direction to the price of black gold.
Until then it is very difficult to make any kind of prediction.
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