Oil prices were rallying since the start of the Russian invasion of Ukraine. Crude caught a bid as investors feared that conflict would disrupt Russian oil exports. While no such disruptions occurred yet, some companies decided to self-sanction. Maersk announced that its fleet will not sail to and from Russian ports. MSC and CMA CGM also said they will halt bookings of Russian cargo. Those three companies are world's largest players in global maritime shipping business and unavailability of those vessels to Russia may significantly impact its ability to export and import. WTI reached multi-year highs near $116.50 per barrel yesterday.
However, price pulled back yesterday on news that an agreement with Iran, that would lift sanctions on the country's oil exports, is imminent. However, downward correction was halted in the $106.30 area, marked with the lower limit of a local market geometry. Positive reaction to this technical support suggests that uptrend may be continued. However, note that following a successful defense of €106.30 area, oil have not managed to launch a bigger recovery move.
Source: xStation5
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