Crude oil prices

[ZZZoe]

As the United States and the United Kingdom announced a ban on crude oil imports from Russia, crude oil futures rises nearly 4% on Tuesday (8th), and WTI crude oil and Brent crude oil futures hit their highest closing prices since 2008.

Judging from the four-hour line, the Bollinger rails are oscillating upward, and the bottom is concerned about 119. On the hourly line, the Bollinger rails are parallel and fluctuating in the 120-130 range. In the review, intraday operations are mainly callbacks, and large range fluctuations are seen.

 

[sebking1986]

I don't think these technical tools will be much use in this geopolitical climate. With the UK and US banning Russian oil we will probably be heading towards $200 a barrel and beyond.

 

[ZZZoe]

Crude oil futures plummeted more than 13% on Wednesday (Nov 9), after WTI crude hit a near 14-year high a day earlier after the U.S. government announced a ban on Russian energy imports. News that the Uzbek side will make a compromise and the UAE may support OPEC+ to increase production caused oil prices to tumble, with Brent oil falling more than 17% to around $105 a barrel at one point.

Focus on the impact of the news, above 113 and 117, the four-hour line oil price is on the lower track, showing a short position, the hourly line, has not continued to break down since the rebound of 103, and the hourly line pattern still has a rebounding momentum, first look at 113 above, breaking point. Then look at 115-117, the idea of intraday operations is to rebound and empty as the main shock

 

[sebking1986]

Interesting development with the UAE stepping up. Certainly changes the short term outlook on oil prices. They initially didn't want to up supply which clearly pumped the price up.

 

[FriendlyFX]

I think your right it artificially added to Supply constraints now they're coming right back in to fill their Oilly pockets