The US is the first Largest producer of oil globally with a 20% production in since 2020, which put Russia in the 3rd place with 11% production of oil which now more countries are placing more sanctions on Russia, which might lead to high demand on oil globally, which means the first and second global distributors of oil might hike the price so to adjust their economic factor which was by the economical crisis that was also caused by the global pandemic.
Note: Future oil prices will depend greatly on innovations in energy, transportation, and other industries as societies work to become less fossil fuel dependent.
Note: Tow rejection candlesticks in the 4H chart that signals a high rejection rate on the level 94.60 area, which was previously respected as a resistance to form a support in the current market.
Note: Future oil prices will depend greatly on innovations in energy, transportation, and other industries as societies work to become less fossil fuel dependent.
Note: Tow rejection candlesticks in the 4H chart that signals a high rejection rate on the level 94.60 area, which was previously respected as a resistance to form a support in the current market.