Oil prices are rising by nearly 1.5% today, driven by pressure from US President Donald Trump on Russian energy consumers. Trump is calling on leaders such as Erdogan and Orban to stop buying oil from Russia in order to hasten the end of the war in Ukraine. In this context, he also criticizes NATO members who continue to use supplies from OPEC+. Such actions increase tensions in the energy market and may further raise commodity prices. On the other hand, however, the potential stabilization in the Gaza Strip, which the White House wants to achieve, may have a negative impact on the oil market.
OIL.WTI is hitting its highest levels in nearly two months today. What is more, oil is also approaching the 200-day EMA (the gold curve on the chart), which may constitute an important barrier to the long-term downward trend on the instrument. Breaking above it could theoretically negate and reverse the current trend.
Source: xStation
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