Oil has been propped up in recent days on the back of EU embargo on Russian oil rumours. It seems as if there might be a consensus among the member states but most are requesting exemptions for at least a matter of years before they are forced to get off it. China are also struggling with COVID-19 implications, lockdowns and seems as though the supply chain link to the U.S. is also becoming strained once again. On the back of that demand decline in China, potential slowdown in the U.S. as a result of that and combination of higher rates.
Comment:
Took a while to roll over but it looks like we're about to run lower now I feel. Good time for an entry. The lower timeframes broke structure to the downside, should get a retest of around 107-108, stops at 111.5 above the highs.