Oil has been volatile this morning. Polish pipeline operator Pern informed that it has found a leak in the Druzhba oil pipeline that connects Russia and Germany. Oil prices caught a bid on the news as such incidents further increase concerns over Europe's energy security, following damage done to Nord Stream gas pipelines by underwater explosions in late-September. Cause of the leak is yet to be determined. Brent (OIL) gained over $1 on the news, moving from around $88.65 to $89.85 per barrel. However, those gains did not last long and a big part of the move was erased.
Taking a look at OIL chart at the H1 interval, we can see that the advance was halted at the resistance zone marked with previous price reactions and the 23.6% retracement of the recent upward impulse. Should OIL return to a downward move, another test of the zone marked with 38.2% retracement, that halted declines yesterday in the evening, cannot be ruled out.
Source: xStation5
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