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Benchmark Brent Crude Oil prices are correcting, trading slightly above 85.00 amid market participants' fears about the complete cessation of Russian oil supplies to the EU, the G7 and Australia, who supported the introduction of a price ceiling for oil from Russia at 60.0 dollars per barrel.

According to Deputy Prime Minister of the Russian Federation Alexander Novak, by the end of 2022, a mechanism will be created and launched that will prohibit Russian companies from trading "black gold" within the framework of the accepted price limit. In addition, official Moscow is ready to go for a partial reduction in production, which at the beginning of 2023 may amount to 500.0-700.0 thousand barrels per day (about 5.0-7.0% of the current figure). Later, Finance Minister Anton Siluanov confirmed that Russia would look for new consumers by reorienting deliveries to eastern markets, as well as significantly adjusting logistics, as a result of which energy demand will gradually recover.

Another factor that supported oil quotes was the decision of the Ukrainian operator of the Druzhba pipeline, Ukrtransnafta, to increase tariffs for pumping energy carriers by 18.3% from January 1, 2023. First of all, this will affect the oil pipeline branch in the direction of Slovakia and Hungary, the tariffs for which will increase by 2.1 euros, up to 13.6 euros per ton.

In turn, speculative demand for oil continues to rise and, according to the US Commodity Futures Trading Commission (CFTC), last week the number of net speculative positions amounted to 238.2 thousand, up from 229.6 thousand a week earlier.

On the daily chart of the asset, the price is trading within a descending corridor, moving away from the support line.

Technical indicators weaken the sell signal and quickly narrow the range of fluctuations: fast EMAs on the Alligator indicator have almost approached the signal line, and the AO oscillator histogram is forming new upward bars, approaching the transition level.

Support levels: 82.40, 76.70. | Resistance levels: 87.10, 92.00.