Oil pares weekly gains on Friday as oil flows from Russia are set to return

6:19 PM August 12, 2022

Oil decreased more than 2% on Friday as oil flows from Russia to southern european countries are set to return today. Moreover, Iran said that it can accept European Union brokered nuclear deal if it receives some guarantees. Furthermore, reports from IEA and OPEC set yesterday mixed view on future demand. However, numbers from the US show that demand is not as weak as previously expected. Finally, this week should end well with about 5% upward move from the lowest level in January. 

The price turn around from 25 SMA once again and continues downward pattern of lower lows and lower highs. However, the demand situation is not as ugly as it was pictured in recent weaks, so there are some chances that the next week will bring some relief for the bulls. On the other hand, oil traders will follow sentiment in the stock market, so the further move will depend not only on fundamentals but also on sentiment on the market. Source: xStation5

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