Brent Crude Oil: oil prices have returned to growth
Current trend
Brent Crude Oil prices are actively growing, trying to consolidate above 109 dollars per barrel.
The quotes returned to positive dynamics at the end of last week after renewing local lows on February 25 in response to a further deterioration in the situation around Ukraine. Russian troops have been carrying out a special military operation since the end of February, resulting in unprecedented sanctions pressure from Western countries. Thus, the US authorities earlier announced that they were refusing to import Russian energy carriers, but Europe, due to the close connection of energy systems, could not fully support such a ban since it is 40% dependent on Russian gas supplies. Nevertheless, several European countries intend to minimize supplies until the end of this year. In particular, the authorities of the Baltic countries insist on the introduction of a complete ban, but Germany refuses to support the embargo. Analysts do not rule out that Europe will also try to lobby for a complete ban on Russian energy imports, but the position of France, which currently chairs the European Union, may play a key role here.
The situation in the Middle East also remains alarming, where Saudi Arabia reports new attacks by the Yemeni Houthis on oil facilities. Finally, experts are concerned about the surge in the incidence of COVID-19 in China, which is one of the main consumers of oil and petroleum products in the world. The country's authorities adhere to a zero-tolerance policy against the coronavirus. Therefore, they introduce large-scale restrictions in response to even isolated cases of infection.
Support and resistance
On the daily chart, Bollinger bands are moving in a flat: the price range changes slightly, remaining quite spacious for the current level of activity in the market. The MACD indicator reverses towards growth, forming a new buy signal (the histogram is trying to settle above the signal line). Stochastic is showing more active growth and is already reaching its highs , indicating that the instrument may become overbought in the ultra-short term.
Resistance levels: 112.00, 115.50, 118.32, 121.00.
Support levels: 108.18, 105.00, 102.80, 100.00.
Brent Crude Oil prices are actively growing, trying to consolidate above 109 dollars per barrel.
The quotes returned to positive dynamics at the end of last week after renewing local lows on February 25 in response to a further deterioration in the situation around Ukraine. Russian troops have been carrying out a special military operation since the end of February, resulting in unprecedented sanctions pressure from Western countries. Thus, the US authorities earlier announced that they were refusing to import Russian energy carriers, but Europe, due to the close connection of energy systems, could not fully support such a ban since it is 40% dependent on Russian gas supplies. Nevertheless, several European countries intend to minimize supplies until the end of this year. In particular, the authorities of the Baltic countries insist on the introduction of a complete ban, but Germany refuses to support the embargo. Analysts do not rule out that Europe will also try to lobby for a complete ban on Russian energy imports, but the position of France, which currently chairs the European Union, may play a key role here.
The situation in the Middle East also remains alarming, where Saudi Arabia reports new attacks by the Yemeni Houthis on oil facilities. Finally, experts are concerned about the surge in the incidence of COVID-19 in China, which is one of the main consumers of oil and petroleum products in the world. The country's authorities adhere to a zero-tolerance policy against the coronavirus. Therefore, they introduce large-scale restrictions in response to even isolated cases of infection.
Support and resistance
On the daily chart, Bollinger bands are moving in a flat: the price range changes slightly, remaining quite spacious for the current level of activity in the market. The MACD indicator reverses towards growth, forming a new buy signal (the histogram is trying to settle above the signal line). Stochastic is showing more active growth and is already reaching its highs , indicating that the instrument may become overbought in the ultra-short term.
Resistance levels: 112.00, 115.50, 118.32, 121.00.
Support levels: 108.18, 105.00, 102.80, 100.00.
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