CRUDE OIL (WTI)

[Dr.Masih Rezvani + 27]

CRUDE OIL (WTI)

Crude oil has been rising steadily over the past three weeks with the current upswing still unfolding within the boundaries of an up trend channel marked with green lines in the chart below. The latest bounce in crude prices have been supported by European ban on Russian oil supply, China lifting its COVID – 19 lockdowns, strong NFP data released last Friday and Saudi Arabia – the world’s largest oil exporter lifting the selling price of its crude on Sunday. The price increase came despite last week’s decision by OPEC+ to increase output in July and August by 648K per day. The potential for Venezuelan oil shipments to Europe as early as next month are unlikely to be large and to make up for the loss of Russian supply. The rally has lost momentum on Monday and oil has been trading in a narrow range between $118.93 and $120.88. A break below minor support would signal a short-term decline to $117.80, while a break above minor resistance of $120.88 would indicate and extension of the rally to $122.80 first and potentially to $123.80 thereafter.

[Starschy + 211]

It doesn't make a big difference. It may going down till end of August but after that is climbing again.

Russia has a production price of 15-20 USD. For the Budget is about 45-55. All over 65 USD is going to the National Wealth fund. For End of December 2021 45 Billions USD have been added end of June 2022. (Update every 6 Months)