This Thursday (31.03.2022) the president of the USA declared that the country will release from its strategic oil reserves, in coordinated effort with other countries. USA is planning to release 1 million barrels per day, while other countries might contribute 30-50 million barrels. This will erase the shortage of energy supply for the second quarter and might even lead to oversupply for the 3rd quarter.
The price of Brent reflected on this, when Brent tested its previous support level of 104 USD. If the bearish move continues, it will probably tests its next support level at 102 USD.
If instead the price reverse, it most likely will test its resistance at 108 USD.
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The price of Brent reflected on this, when Brent tested its previous support level of 104 USD. If the bearish move continues, it will probably tests its next support level at 102 USD.
If instead the price reverse, it most likely will test its resistance at 108 USD.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.