Oil prices moved higher on Thursday following the news that the EU could halt Russian crude imports after Germany reportedly dropped its opposition to such a move. Economy Minister Robert Habeck announced this week that Germany has already managed to reduce its dependence on Russian supplies to the extent that a full import ban could be implemented. As a reminder, such a decision has already been taken by the US and the UK. At the moment the factor which is trying to cool down the bullish enthusiasm of the demand side is worsening the pandemic situation in China.
OIL.WTI price rose over 2% on Thursday after falling to as low as $100 earlier in the session and broke above local resistance at $103.62. If buyers manage to uphold momentum, upward move may accelerate towards next resistance at $105.55 which is marked with previous price reactions. Source: xStation5
