Oil Soars — Brent at 113.3, WTI at 109.5

Crude oil prices surged for 3 consecutive days as supply concerns remained at the fore. The European Union is doubling down on their sanctions against Russia. The proposed ban of all crude oil from Moscow would be a huge blow to Hungary and Slovakia, who are heavily reliant upon it as well- there’s no telling how these two countries will manage without access until 2023!

Brent oil price is more likely to trade between 108 to 115 and will keep its consolidation above 110 level. As to WTI, the buy range would be between 108.60 to 107.60. It will be first met with a resistance at 113.66, then followed by the second one at 116 mark. If it turns red, it will find the first support at 104, until 100 and 98 regions.

--

--

--

SmartFX is an international online Forex and CFDs trading firm offering 24 hours access to a diverse range of trading products including currency pairs.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Government Giveth — Inflation Taketh Away

COVID has exacerbated inequality.

udah gila si dude

Income Tax is Stupid and Should be Abolished

De-Globalization, the beginning of self reliant nations

‘Affordability Risk’: a new definition from the FCA

Combating Inflation: Tweaking Economic Orthodoxy

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
SmartFX

SmartFX

SmartFX is an international online Forex and CFDs trading firm offering 24 hours access to a diverse range of trading products including currency pairs.

More from Medium

How to navigate the market

The Stock Market for dummies. Exactly what it is.

The Fed, Recession & Future Outlook