Crude oil prices rose on Friday but ended the week lower as traders assessed potential efforts by countries to fill a void in the global market for Russian oil.
President Biden announced that the United States and its allies will revoke Russia’s “most-favored-nation” status in trade.
The oil market has experienced sharp fluctuations this week, as the United States began to ban the import of Russian crude oil, causing Western countries to follow suit, which may leave a huge hole in the global supply and demand balance.
Focus on the influence of the news from Russia and Ukraine. If the negotiation is successful, the oil will fall further, so this week, we will focus on the influence of the news. From the perspective of the four-hour line, there is still room for oil prices to fall below the middle track. Above, focus on 108-111. The hourly line continued to fall ,focus on 102 and 100 below.
