WTI will back to $70/b

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Hello Traders,

The Oil price is stretched due to geo-conflict issue and imbalence bteween the supply side and demande side.
The upside is limited , the potential is for a correction to down side back to midd 770/B

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ملاحظة

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The US eyes a release from oil reserves as prices rise on Ukraine.

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White House: An option on the table is to release more oil from the strategic petroleum reserve.

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US API Crude Oil Stock Change Actual 5.983M (Forecast 0.767M, Previous -1.076M)

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Oil prices are likely to average $110 in the second quarter as tensions over Ukraine continue to escalate, JPMorgan Chase said. Bloomberg

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تم حذف الأمر

Putin has approved a special military operation in Ukraine's Donbas - RIA News Agency.

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New US sanctions on Russia aren't expected to have a significant impact on the energy sector - POLITICO.
The Russian energy giant Rosneft is not expected to be a target of the new sanctions package - Politico.
Biden: We will release more oil from SPR as needed.