🔺 About news:
- Oil prices rose 5% on news of Russian military activity. At noon on February 24, the price of Brent oil futures at one point exceeded $102 per barrel before falling slightly to $101. Meanwhile, the price of WTI oil also increased by nearly 5%, to nearly 97 USD per barrel.
- Analysts said that if the situation in Ukraine continues to be "hotter", it will trigger a wave of sell-offs in the stock market. Investors will flock to safe havens like gold. Oil prices will also skyrocket, even reaching 150 USD/barrel.
- Armed conflict not only poses a risk to the facilities of the mining, refining and petrochemical industries, but also causes supply to be tighter if Russia responds to sanctions by "locking the valve" of oil.
- Europe, which imports 25% of Russian oil and 40% of gas, will be severely affected if the Kremlin cuts off the supply of 3 million barrels of oil per day to this region.
"Russia meets 30-40% of the gas needs of the whole of Europe every year. No other country can replace it, even providing gas in the form of liquefied petroleum gas,” Al-Kaabi said. “LNG trading contracts are signed in the form of a permanent, clear shipping location. It is impossible to replace this huge amount of gas with LNG immediately.”
👉 In short, through the above news, we can see that the picture of the crisis in energy is pushed to the climax and the possibility of a further increase of oil is completely happening. On the technical chart, the nearest price level that oil is heading to is 105-110$ and if there is a slight decline to around 90-94$, this is the ideal price area for us to establish a buy position. with the same goal as above!
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