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India Imported Record Volumes of Russian Oil

2/20/2023 12:21 PM

Benchmark Brent Crude Oil prices are correcting at 83.00.

The market remains stable against the background of incoming multidirectional, fundamental information. Thus, the export of Russian oil is actively redirected to new markets after the introduction of economic sanctions by the EU and members of the G7, and yesterday, India announced another record for energy purchases: total imports in January for the first time exceeded 5.0M barrels per day, and in second place in terms of supply is Russia, which sold a record 1.4M barrels per day, up 9.2% compared to December, while the share of oil from the Middle East in total oil imports India decreased to 48.0%, although at the beginning of last year, it exceeded 80.0%. Meanwhile, the US authorities are developing additional measures to block Russian oil exports. According to Bloomberg, the new bans are planned to be directed against the defense and energy sectors, focusing on compliance with current restrictions and preventing circumvention of price cap restrictions.

Thus, the supply of raw materials on the world market continues to grow, and the data on stocks from the Energy Information Administration of the US Department of Energy (EIA), which recorded a growth of 16.283M barrels, clearly confirm that it does not allow the asset quotes to return to growth.

On the daily chart, the trading instrument is moving within the local ascending corridor, completing the next wave of decline and getting ready for a reversal.

Technical indicators are uncertain, pointing to a local correction: fast EMAs of the Alligator indicator are preparing to cross the signal line upwards, and the AO histogram is forming rising bars near the transition level.

Resistance levels: 85.60, 91.00. | Support levels: 80.00, 75.50.

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