US crude oil barely advances, following Friday\u2019s jump of 3.78%. At the time of writing, WTI is trading at $94.00, almost flat.
Geopolitical events dampened the market mood in the financial markets. Russia\u2019s intentions of a possible invasion of Ukraine keep crude oil prices upward pressured, based on the fact that a war may trigger Russia\u2019s sanctions to western countries, including cutting supplies of natural gas and oil.
It is worth noting that Russia is the third-largest producer of natural gas and crude. Ukraine President Zelensky informed that February 16th would be the day of the attack, tensions elevate, and oil jumps
Around 18:50 GMT, crossed the wires that satellite images show Russian troops leaving assembly points and moving to attack positions, as reported by CBS News. Alongside that development, the Wall Street Journal reported that the US is closing its embassy in Kyiv and relocating its diplomatic operations to Western Ukraine. Furthermore, Ukraine President Zelensky said that Ukraine \u201chas been informed\u201d that Wednesday, February 16th \u201cwill be the day of the attack.\u201d
As for WTI\u2019s reaction, At the headline, WTI\u2019s jumped almost $2.00, and at 19:09, GMT is trading at $95.20 as tensions arise, despite efforts from finding a diplomatic way to end this conflict.
OPEC Secretary-General Mohammad Barkindo told reports that \u201cthere\u2019s no doubt that we are concerned with ensuring that the security of supply is also guaranteed.\u201d However, emphasized that if demand continues to grow at the group projections, \u201cthe world will continue to be thirsty for oil for the foreseeable future,\u201d Barkindo noted.
WTI is upward biased and is trading above February\u2019s 11 daily close at $93.88, though the upward move appears to stall at the mid-line between the top-central lines of Pitchfork\u2019s uptrend channel, around $95.00, which once broken would expose $100.00.
WTI\u2019s would also face some sprints on its way north. The first resistance would be $95.00. A daily close above that level would expose August\u2019s 2014 swing highs round 98.55, followed by a probe of $100.00, followed by the top-line of Pitchfork\u2019s channel around $102.00.<\/p>\n","protected":false},"excerpt":{"rendered":"
US crude oil barely advances, following Friday\u2019s jump of 3.78%. At the time of writing, WTI is trading at $94.00, almost flat.Geopolitical events dampened the market mood in the financial markets. Russia\u2019s intentions of a possible invasion of Ukraine keep crude oil prices upward pressured, based on the fact that a war may trigger Russia\u2019s …<\/p>\n","protected":false},"author":13,"featured_media":58819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[8798,8110,6909,8802],"class_list":["post-60205","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-russia-ukraine-military-conflict","tag-ukraine","tag-wti","tag-zelensky"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=60205"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60205\/revisions"}],"predecessor-version":[{"id":60209,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/60205\/revisions\/60209"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/58819"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=60205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=60205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=60205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}