Important news from the oil market

7:16 PM 1 December 2022

Quite a lot has been happening on the oil market lately, although price changes are not that dynamic. Nevertheless, it is worth paying attention to some of today's news:

The EU agreed on a cap on Russian oil at USD 60 per barrel and fixed the price -5% below the market price. Poland has until 09:00 am GMT tomorrow to agree to this proposal so that EU authorities can fully approve this decision
The CEO of Chevron indicated that OPEC+ will most likely be more active in the oil market in the near future, he also sees the risk of higher oil prices
The U.S. Department of Energy requests an immediate end to the release of strategic reserves, which have fallen to the lowest level since 1984

OIL.WTI price is still higher compared to last week, but there is still one session left. In general, oil remains in an upward sequence, however two moving averages crossed recently which has formed a bearish ‘death cross’ which can at times precede a turn lower. Source: xStation5

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