📉Oil extends loses amid Libya tensions ease
Representatives of the two governments in Libya have agreed to nominate a joint candidate to head the central bank for an interim period. Earlier, a dispute over the selection of the central bank chief led to the suspension of production and exports in most areas of Libya.
- The selection of an interim central bank chief is also expected to be the start of negotiations to select a permanent candidate and the bank's board of directors. It is worth noting that the head of the central bank oversees the country's oil-related revenues.
- The information was released to the market at 5:20 PM BST, while declines began much earlier in anticipation of a positive outcome of the negotiations.
- From the other side of today news, US troops have been deployed to Cyprus for possible evacuation operations of American citizens from Lebanon, according to CNN.
- US President Biden said today, that an all out war is still possible in the Middle East, but there also is a possibility of a settlement; according to Anthony Blinken risk of escalation is still 'acute'
- What's more Russian president Putin claimed that 'Aggression against Russia by non-nuclear state but with the participation or support of a nuclear state is proposed to be considered as their joint attack on the Russian Federation', signalling that Russia changes its nuclear doctrine.
OIL (M30 interval)
Oil may still react to any further geopolitical tension in Middle-East, and bulls defended short-term trend line after the rollover, defending $72.6 per barrel, where we can see also 71.6 Fibonacci retracement of the latest upward wave.
Source: xStation5
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