Crude Oil Surges
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On Monday, Brent surged to $87.55. The main news for today is the negotiations of G7, the EU, and Australia over the top limit price for Russian oil. The limit has been set at $60 and will be revised every two months starting mid-January 2023.
There are certain details of the agreements concerning the transition period and privileges. Also, an embargo on oil export from Russia to the EU by sea is coming into force. For now, crude oil quotes have shown no negative or positive reactions: the news has been expected, while their consequences will be clear only the next year.
On H4, Brent has completed a wave of decline to 85.25. Today the market is forming a consolidation range of around 87.40. Another link of decline might develop to 84.84. With an escape from the range upwards, a pathway to 89.30 should open.
And if this level also breaks upwards, the pair will be able to grow to 94.00. The goal is local. Technically, the scenario is confirmed by the MACD. Its signal line is aiming at zero. A bounce off it upwards is expected, followed by growth to new highs.
Brent 4-hour price chart.
On H1, Brent formed a consolidation range around 87.37 and completed a wave of decline to 85.16. Today the market has completed a technical return to 87.37 (a test from below). Now a wave of decline to 84.90 is developing.
Brent 1-hour price chart.
After this level is reached, a wave of growth to 89.34 should start. Technically, this scenario is confirmed by the Stochastic oscillator. Its signal line is under 50, aimed strictly down to 20.
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