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Global Oil Supply Holds Stable Levels

2/7/2023 12:43 PM

Benchmark Brent Crude Oil prices correct at 82.40.

The market remains stable, and more and more experts agree that the sanctions imposed by Western countries to limit the export of Russian oil do not bring the expected result. Yesterday, Bloomberg published an article reporting another record of weekly marine fuel supplies from Russia: by February 3, their daily volume increased by 125.0K barrels to 3.456M barrels, and China, India and Turkey were the main buyers, the total volume for which amounted to 3.29M barrels. However, transportation through pipelines continues to decline, and in January the figure for Germany and Poland fell to 120.0K barrels per day. Yesterday it became known that Japan joined the sanctions policy of the G7 and European countries aimed at setting the price limit for Russian oil products transported by sea in the amount of 100.0 dollars per barrel and 40.0 dollars per barrel, depending on the category. The restrictions came into effect on February 6 but the limit, as noted, will be reviewed every two months, depending on the market situation.

Thus, the local dynamics in the asset may change only after the publication of data on energy reserves from the Energy Information Administration of the US Department of Energy (EIA) and the American Petroleum Institute (API).

On the daily chart, the trading instrument is moving within the global downwards corridor, gradually approaching the support line around 70.00.

Technical indicators gave a sell signal: fast EMAs of the Alligator indicator crossed the signal line downwards, and the AO histogram forms corrective bars in the sell zone.

Resistance levels: 83.30, 89.00. | Support levels: 79.60, 74.00.

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