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The Number of Oil Contracts Grows

11/14/2022 1:01 PM

Benchmark Brent Crude Oil prices are correcting around 95.35.

The oil quotes began to rise after it became known about a new initiative of the US Treasury Department to extend until May 15 the possibility of making transactions related to oil transactions with a group of Russian banks. According to the current agreements, this agreement was to be suspended on December 5, along with introducing a ban on importing Russian oil by sea from the European Union. This decision showed that complete independence from energy sources coming from Russia is practically impossible at present, and the US attempt to circumvent its restrictions allows investors to hope for market stability for some time.

As for the investment demand for contracts, the trend has again begun to develop toward increasing their number. Since the beginning of October, the number of speculative positions has increased from 226.1K to 254.8K. Statistics from the US Commodity Futures Trading Commission (CFTC) will be published today, but it is already clear that the number of speculative positions in crude oil will again be higher than a week earlier.

The situation in the key position of the spread between Brent Crude Oil and WTI Crude Oil is also in favor of maintaining the current trend on the market. For a long time, the difference in the prices of the two grades of hydrocarbons has been kept in the range of 6,000–7,000 dollars and now stands at 6,941 dollars. As a rule, serious price fluctuations in the market should be preceded by a violation of this range.


On the daily chart of the asset, the price is moving within an ascending corridor, gradually moving away from the support line.

Technical indicators keep an unstable buy signal: fast EMAs of the Alligator indicator are above the signal line, and the AO oscillator histogram forms ambiguous bars in the buying zone.

Resistance levels: 97.60, 103.60. | Support levels: 91.80, 82.75.

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