This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Prices for oil rise
The price for WTI has risen to its highest levels since the beginning of May. Bulls are trying to keep it above the weekly pivot resistance at $63.07. The next resistance lies at $64.44. If bears take over the market, the will pull the price for crude to the support at $61.54.
Brent, in its turn, has been targeting the resistance at $73.4. The next resistance is placed at $74. If bearish pressure increases, the first support will be placed at $70.9.
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
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