Sell Crude Oil Around 8450-8550 Stop loss Above 8750 TGT 7950-7725 - Kedia Advisory
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Highlights
* Crude oil prices tumbled on worries that interest rate hikes by major central banks could slow the global economy and cut demand for energy.
* Global central bankers who quickly loosened monetary policy during the pandemic to avoid a recession, are now tightening to fight inflation.
* Russia expects its oil exports to increase in 2022 despite Western sanctions and a European embargo, the Russian deputy energy minister said, according to Tass news agency.
* Libyan oil total production is at about 700,000 barrels per day (bpd), the Libyan oil minister Mohamed Oun told.
* China’s crude oil imports from Russia in May soared 55% from a year earlier to a record level, displacing Saudi Arabia as the top supplier, as refiners cashed in on discounted supplies amid sanctions on Moscow.
* The common objective of the Organization of the Petroleum Exporting Countries and its non-OPEC partners has always been to maintain oil market stability, not to raise prices or bring them down, OPEC Secretary General Mohammad Barkindo said.
* Oil from Russia, the world's second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow's invasion of Ukraine, actions that Russia calls a "special operation".
* The impact has been partly mitigated by the release of strategic petroleum reserves, led by the United States, and a ramp-up of production from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, although that is thinning the world's buffer against further supply disruptions.
* The oil and gas rig count, an early indicator of future output, rose by seven to 740 in the week to June 17, its highest since March 2020, energy services firm Baker Hughes Co said in its report.
* U.S. crude stocks and distillate inventories rose while gasoline inventories fell in the week through June 10, the Energy Information Administration said.
Crude oil price settles below 8520 level (below 50MA), to keep the negative pressure valid for the upcoming period, waiting to visit 8165 that represents our next negative target. The EMA50 continues to support the suggested bearish wave, noting that breaking the targeted level will push the price to suffer additional losses that reach 7800 followed by 7725, while breaching 8520 represents the key to start recovery attempts.
ACTION: SELL CRUDE OIL AROUND 8450-8550 STOP LOSS ABOVE 8750 TGT 7950-7725.
To Read Complete Report & Disclaimer Click Here
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
