- summary:
- Discover factors that affect crude oil prices with technical levels, and what is the next in the market.
The increase in the direction of oil production is spread very quickly in the market at the present time. In response, the United States puts independent refineries from China in the sanctions list, Chinese oil refineries continue to import large quantities of crude oil in April. Total imports amounted to 11.7 million barrels per day, according to customs authority data.
Although this was less than the previous month, it was more than 7.5 % of the previous year. The only advantage will be a significant decline in oil prices.
Also, Kazakhstan continues to produce more oil than the agreement, and it seems that there is no plan to reduce production in May. These methods can increase oil production in July, which will enhance the negative risks of oil prices.
Technical levels of crude oil prices:
Today, crude oil finds ground and good support at $ 60.85, and it rises successfully to reach 63.48, so if the price can erupt the Bollinger Band resistance of $ 64.21, it may reach the second resistance at $ 64.99.
On the landline, any clear closure will lead daily less than 62.30 dollars to a significant direction to reach lower levels.
Factors that affect Brent oil prices at the present time:
Geopolitical tensions:
Continuous discussions in the United States and China can significantly affect oil prices, while any signs of reducing or escalating tensions can move prices.
I offer and order: OPEC production decisions+:
It is important for oil prices as it is when Opec+ decides to increase production, and this leads to low prices and vice versa. Also, reports related to crude oil assemblies can affect prices, because increases means high supply and reduce high demand.
See too
Global economic growth:
This is the main driver of oil demand, as long as global economic growth remains a decline, oil prices can be under pressure. In conclusion, the current price of Brent oil is under pressure due to the above factors, and the recommended is still the declining direction.
You can also check the edges of oil prices on weak geopolitical risks in geopolitical dollars
