So, the IEA has confirmed that member states will release 400 million barrels from emergency reserves to help stabilise oil prices. How much of the disruption to global oil supplies from the Iran conflict that 400 million will actually make up for remains to be seen. It is difficult to say how much has been lost now that we are in day 12 of the conflict, with oil analysts unsure whether this release amount is enough. But judging by the reaction of oil prices, it looks like the market had discounted the release of 400 million barrels from reserves already. Prices have barely flinched. It looks like investors are not convinced this will have the desired effect and are probably expecting the flow oil through the Strait of Hormuz to remain effectively closed for a long time, now with Iran suggesting it is switching from “reciprocal hits” to “continuous strikes".
WTI needs to climb above the key $90 area to trigger fresh technical buying. For now, consolidation is the name of the game on the intraday basis.
By Fawad Razaqzada, market analyst with FOREX.com
WTI needs to climb above the key $90 area to trigger fresh technical buying. For now, consolidation is the name of the game on the intraday basis.
By Fawad Razaqzada, market analyst with FOREX.com
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Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.