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Oil Supply on the World Market is Maintained at a High Level

2/28/2023 12:21 PM

Quotations of Brent Crude Oil are being corrected upwards in the area of 82.55.

The black gold market continues to trade at stable levels against the backdrop of a slight impact of fundamental factors. After the introduction of restrictions by the West on oil coming from the Russian Federation, the market needed some time to assess the situation and the volume of supplies. The day before, Bloomberg reported that in the week ended February 24, 34 tankers were fully loaded with Russian oil, 14 of which received it in ports in the Pacific Ocean, which exceeds the maximum of 10 tankers in the past three weeks. This means that the Russian Federation is increasing the volume of deliveries, as well as receiving increased income from exports, since the cost of shipments from these ports exceeds the price of energy from other Russian ports, for example, on the Baltic Sea, by 40%.

This week, investors are watching the data on oil reserves from the American Petroleum Institute (API) and the Energy Information Administration (EIA) of the US Department of Energy, which exceed 10 million barrels for the first time in the last 2 years. According to preliminary EIA forecasts, this week the figure may increase by only 0.440 million barrels after an increase of 7.648 million barrels last week.

On the daily chart, the price is trading within the local ascending corridor, holding near the support line.

Technical indicators show a weak sell signal: the fast EMAs of the Alligator indicator are preparing to start the decline again, and the AO histogram is forming new downward bars, holding below the transition level.

Support levels: 80.25, 75.50. | Resistance levels: 83.70, 88.60.

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