Energy prices traded sharply lower as news was released that the proposed cap on Russian oil export prices will not be binding on output.
Overnight, Brent reversed strongly, breaking below the 88.00 price level to test the key support level of 83.93. Brent could retrace briefly before trading lower toward the next key support level of 80.00.
Similarly, WTI reversed from the 82.00 price area to reach the key support area of 77.00. Although the price has rebounded to the 77.88 price level, further downside can be expected, with the next key support level at 75.33.
Overnight, Brent reversed strongly, breaking below the 88.00 price level to test the key support level of 83.93. Brent could retrace briefly before trading lower toward the next key support level of 80.00.
Similarly, WTI reversed from the 82.00 price area to reach the key support area of 77.00. Although the price has rebounded to the 77.88 price level, further downside can be expected, with the next key support level at 75.33.
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