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Disruptions in energy supplies from Libya and US sanctions against Rosneft support oil prices

Oil prices continue to rise despite the fact that the American Petroleum Institute (API) has reported an excess of expected oil reserves. According to the report, oil reserves increased by 4.2 million barrels which indicates that the Ministry of Energy report will be worse than market expectations. Within the US Ministry of Energy the expected reserves increase is 2.5 million barrels. The actual data will be published at 16:00 GMT.

 

The news of interruptions in energy supplies from Libya and US sanctions against the Russian energy company Rosneft are also increasing the oil prices. These events can significantly affect the level of oil supply in the world market. Libya previously supplied about 1.2 million barrels per day. According to experts, these volumes are now reduced to 0.4 million barrels.

 

The bulls tested the resistance at the level of 54.00. On the first attempt, it was not possible to break the level, but buyers increased upward pressure. Today we consider a breakdown of the level of 54.00 and an increase in quotations towards 55.05 as the main scenario.

 

Resistance levels: 54.00, 55.05, 56.70.

 

Support levels: 53.10, 52.00, 50.50.

 

The main scenario - a breakdown of resistance at the level of 54.00 and an increase towards 55.05.

 

An alternative scenario - a breakdown of support at the level of 53.10 and a decline towards 52.00.

 

The fundamental outlook is moderately positive. Within the daily framework, we consider longs in the area around the level of 53.10.

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