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Former British Prime Minister Boris Johnson: The US lifting sanctions on Russian fuel now is disgusting, and blaming Ukraine for rising oil prices is utterly absurd. The oil price increase clearly began with the closure of the Strait of Hormuz. The White House seems determined to force American drivers to pay for Putins "massacre." This approach wont work, and I doubt it will have much impact on fuel prices.October 11th - According to the Ukrainian National News Agency on the 10th, the death toll from a Russian airstrike on the Zaporizhia region early that morning has risen to 20, with 32 others injured. The report stated that at 4:48 AM on the 10th, Russian forces launched a corrective aerial bomb attack on the Zaporizhia region. The dead included three children, and the injured are receiving treatment in hospitals. Search and rescue operations are still underway in the rubble.On October 11, Ukrainian President Volodymyr Zelenskyy announced on social media that he had spoken with leaders of several European countries that day, calling for increased aid to Ukraine and sanctions against Russia. Zelenskyy spoke separately with Finnish President Stubb, French President Macron, Norwegian Prime Minister Støre, and British Prime Minister Burnham. During the calls, he briefed them on the latest developments in the Russia-Ukraine conflict, discussed the challenges posed by the US easing sanctions on Russian oil products, and communicated on coordinating response measures and preparations for subsequent meetings.U.S. Department of Energy: The latest release of strategic petroleum reserves is aimed at mitigating supply disruptions caused by storms in the United States.Dutch Foreign Minister: The Netherlands condemns the Houthi attacks against Saudi Arabia, including multiple attacks on airports that caused casualties.

October 4th US crude oil trading strategy: follow OPEC+ ministerial meeting

Oct 26, 2021 10:57

On Monday (October 4), US crude oil fell slightly. The short-term OPEC+ meeting may be negative for oil prices, but the technical picture still shows a bullish pattern. It is recommended that activists go short on rallies and conservatives wait and see.


Daily level: Oil prices have risen for the previous three consecutive times, but they have not yet escaped from the previous shock range.

Technically, the Bollinger Bands move up in the middle track, the moving average system is long, and the MACD golden cross is still on the high side.

OPEC+ will hold a meeting within the day to agree on the output policy after November. The market expects OPEC+ to increase production beyond expectations to cope with the increasing energy demand, which is negative for the daily oil price trend. It is recommended that conservatives wait and see, and radicals go short on rallies.

The upper resistance level focuses on the high of 76.67 on September 28, and further attention to the high of 76.98 on July 6 and the 78.00 mark.

Below support levels focus on the 5-day moving average of 75.10, and further focus on the 10-day moving average of 74.09 and the September 15 high of 73.14.

(U.S. crude oil daily chart)

Resistance levels: 76.67; 76.98; 78.00
Support levels: 75.10; 74.09; 73.14

Short-term operating recommendations: conservatives wait and see, radicals short rallies.

At 14:45 GMT+8, U.S. crude oil was quoted at $75.48 per barrel.

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