Dashboard

Solid News

Crude Oil Quotes have Paused Growth and are Consolidating Near 80

4/6/2023 1:11 PM

During the Asian session, prices for WTI Crude Oil are slightly reducing, testing the psychological level of 80.00.

After a strong growth last week, quotes slowed down in anticipation of a clarification of the situation on the market and the publication of the March report on the US labor market. Positive dynamics developed against the results of the meeting of OPEC+ members, at which it was decided to reduce oil production by 1.0M barrels per day to maintain stability in the industry. Thus, Saudi Arabia will adjust production by 500.0K barrels per day, Iraq – by 211.0K barrels, and the United Arab Emirates – by 144.0K. Kazakhstan, Oman, Kuwait, Algeria, and Gabon have joined this step. Also, earlier the Russian authorities announced that they were extending a voluntary cut of 0.5M barrels per day until the end of 2023.

Traders reacted to the suspension of the oil pumping from Kurdistan to the Turkish port of Ceyhan. This week, it became known that the Iraqi and Kurdish authorities managed to agree on a deal, and the operation of the pipeline will resume but so far, there has been no official confirmation.

Support for quotes was also provided by yesterday’s report of the Energy Information Administration of the US Department of Energy (EIA) on the dynamics of oil stocks: for the week of March 31, the figure fell by 3.739M barrels after a reduction of 7.489M barrels earlier compared to experts' expectations of –2.329M barrels.


On the daily chart, Bollinger bands steadily grow: the price range narrows but remains quite spacious for the current level of activity in the market. The MACD indicator grows, keeping a strong buy signal (the histogram is above the signal line). Stochastic retreated from its highs and signals in favor of further development of a downward corrective trend in the nearest time intervals.

Resistance levels: 81.00, 83.00, 85.00, 86.95. | Support levels: 79.24, 78.00, 76.00, 74.00.


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
Mail Us
[email protected]
Call Us
+35 924 928 392


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 solidecn.com 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.
Disclaimer 1: 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.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024 SolidECN.com