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Russia Increased Oil Supplies to India by 22 Times Last Year

3/29/2023 9:58 AM

During the Asian session, WTI Crude Oil shows ambiguous dynamics, holding near 73.60.

After an active start to the week, which, among other things, was due to a decrease in tension around the possible development of a banking crisis in the US and Europe, quotes are consolidating in anticipation of new drivers. Also, the asset was strongly supported on Monday by the statements of the Turkish authorities on the suspension of the oil export from Kurdistan through a pipeline in the Mediterranean Sea: according to the decision of the Arbitration Court of the International Chamber of Commerce, such supplies are illegal, although we are talking about a significant amount of 450.0K barrels per day. Analysts note that a sharp drop in exports could lead to serious problems in the fields themselves in Kurdistan, as some of them may have to be mothballed.

Russian Deputy Prime Minister Alexander Novak said that deliveries of Russian oil to India increased 22 times last year, and sales to China amounted to 67.0M tons, also, Asia, Africa, Latin America, and the Middle East are now named among the priority markets. Last year, the sale of resources provided 42.0% of national budget revenues but in 2023 energy production is likely to decline under pressure from the sanctions policy of the European authorities and representatives of the G7.

The price was additionally supported by news from China, where a significant increase in imports is expected this year against the backdrop of a recovery in industrial activity after the lifting of restrictions related to COVID-19: demand is forecast to grow by 6.0% to 540.0M tons. Also, according to the report of the American Petroleum Institute (API) on the dynamics of oil stocks, for the week of March 24, the figure fell by 6.076M barrels after an increase of 3.262M barrels earlier.

On the daily chart, Bollinger bands are moderately declining: the price range is rapidly narrowing, reflecting a change in the direction of trading in the short term. The MACD indicator is actively growing, keeping a strong buy signal (the histogram is above the signal line). Stochastic keeps a confident upward direction but is close to its highs, indicating that the instrument may become overbought in the ultra-short term.

Resistance levels: 74.00, 76.00, 78.00, 79.24. | Support levels: 73.00, 71.00, 70.00, 68.04.

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