Solid News

Brent Crude Oil Market Update

1/23/2023 12:32 PM

Benchmark Brent Crude Oil prices are correcting at 87.00.

Quotes are gradually recovering against the backdrop of fundamental news: investors are reacting to the recent statement by the Minister of Finance of Saudi Arabia, Mohammed Al-Jadaan, made by him during his speech at the World Economic Forum (WEF) in Davos. The official said that for the first time in 48 years, his country is ready to consider proposals for international trade in currencies other than the US dollar. This statement supported the recent global de-dollarization trend, a support factor for the black gold market, creating an opportunity for more independent pricing to emerge.

Another factor of local support for oil prices was the statement by US Treasury Secretary Janet Yellen, who noted that the introduction of a price limit for petroleum products from the Russian Federation is a much more complicated process than the previously introduced limit on the cost of raw materials since there are a lot of their types, and each has a dynamic price, which makes it difficult to establish specific values, and it will take considerable time to develop the final rules. The new restrictions could be formalized as early as February.

On the daily chart, the trading instrument is moving within a downward corridor, approaching its resistance line at 87.30.

Technical indicators reinforce the buy signal by expanding the range of fluctuations: fast EMAs of the Alligator indicator move away from the signal line, and the AO oscillator histogram forms upward bars, rising in the buying zone.

Resistance levels: 89.30, 97.70. | Support levels: 84.80, 76.70.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Disclaimer 1: Solid ECN Securities LLC and it affiliates does not accept clients from Turkey, United States, and Europe.
Disclaimer 2: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Copyright All Right Reserved 2023