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Brent Crude Oil Market Update

11/29/2022 12:18 PM

Benchmark Brent Crude Oil is correcting, trading just below 87.00.

Representatives of the EU countries could not agree on the limitation of prices for Russian oil. According to one of the diplomats, the reason was the position of the representatives of the Polish delegation, which again refused to agree, demanding a significant reduction in the price ceiling from the current offer of 65.0–70.0 dollars per barrel since now this limit does not hinder exports in any way and will not significantly pressure on the Russian budget. Also, according to yesterday's data, the cost of a barrel of Urals oil was 51.96 dollars. As for the deal itself, the market has less and less confidence that all participating countries will finally accept it in the EU before December 5, when the restrictions provided for by the eighth package of sanctions, including the embargo on the supply of "black gold" from the Russian Federation by sea, will come into force.

As a result, the main attention of experts is drawn to macroeconomic data: according to the report of the American Petroleum Institute (API), another reduction in reserves is expected within the range of –2.500M barrels and the Energy Information Administration of the US Department of Energy (EIA) may report a decrease in the indicator by 2.487M barrels, which will continue the negative trend of last week, providing local support to quotes.

On the daily chart of the asset, the trading instrument is moving within the downward corridor, approaching the resistance line.

Technical indicators maintain a stable sell signal, which does not rule out a local correction: fast EMAs of the Alligator indicator are below the signal line, and the AO oscillator histogram forms multidirectional bars in the sell zone.

Resistance levels: 88.20, 95.00. | Support levels: 82.80, 77.50.

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