Oil prices stabilize with EU sanctions on Russia

Oil at the basic level

Oil prices have stabilized in early trading, as investors are studying the impact of recent European sanctions on Russian exports, and are monitoring developments in trade talks.

Both Brent and WTI have been trading on an up-and-down oscillation since the markets opened, diagonally shifting the decline slightly.

The absence of a strong reaction shows that the market is not yet convinced of the effectiveness of these sanctions.

However, this measure could lead to higher oil prices, if applied effectively.

The European intermediate derivatives market is likely to be affected by the European sanctions imposed on Russia.

Oil at the technical level

Oil prices fell slightly during today's trading, and oil is still a candidate for ascent as long as it is trading above the cluster levels of 64 to 63.50 dollars per barrel.

From there, we expect a further rise towards the levels of 68 dollars and then 71 dollars per barrel.

We are targeting USD 75.50 per barrel in the medium term.

This scenario fails if the USD 63.50 levels break down, and at that time we may target the USD 62 and then 60 levels per barrel, of which we may be thinking about buying again.