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Oil Rises in Price Amid News from France and Iraq

3/28/2023 12:16 PM

Benchmark Brent Crude Oil price is correcting at 78.15.

Yesterday, it became known that in France, against the protests of workers who do not agree with raising the retirement age in the country, the work of the largest oil refinery Gonfreville-l'Orcher, owned by TotalEnergies SE, was completely stopped, the daily output of which was 240.0K barrels is a significant indicator both for the French market and for the entire European one. Also, oil export of about 450.0K barrels from Iraqi Kurdistan through Turkey was stopped after the decision of the international court in favor of the federal government in Baghdad on the claim that the Turkish state oil and gas company BOTAS began selling oil delivered from Iraqi Kurdistan, to the world market without official permission from the authorities. Also, according to the decision of the arbitration, Turkey must pay Iraq about 1.5B dollars for oil pumped from 2014 to 2018.

Another factor in the current trend of the asset was the latest reports on the conclusion of a deal for the supply of fuel between Kenya and Saudi Arabia, which will be carried out in the national currency of Kenya, and not in US dollars, as it was before, and will satisfy the monthly demand for energy in this market in the amount of 500.0M dollars. It is the first time African countries refused to trade in dollars, which may lead to similar decisions in other countries of the continent.

Analysts are looking forward to the publication of weekly data from the American Petroleum Institute (API), which may increase by 1.123M barrels, and statistics from the Energy Information Administration of the US Department of Energy (EIA), which, according to forecasts, will reflect an increase of 0.187M barrels.

On the daily chart, the trading instrument falls within the global downward corridor with dynamic boundaries of 84.00–64.00.

Technical indicators are weakening the sell signal: fast EMAs of the Alligator indicator are still below the signal line, and the AO histogram is forming corrective bars in the sell zone.

Resistance levels: 79.00, 86.50. | Support levels: 75.40, 70.00.

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