G7 has already agreed to release up to about 100 million barrels of oil and diesel reserves. The plan starts in October and will last about 4 months, with the release of diesel moved forward.
$WTI.US is currently around $91.38. Key short-term levels to watch:
$90: Bullish defense
$92: First breakout level
$95.94: Further confirmation level
$105.63: Previous high resistance
If the oil price keeps failing to regain $92, the suppressing effect from the reserve releases will be more noticeable. If it breaks back above $95.94, it would indicate that the market’s concerns about supply risk remain very strong.
$WTI.US $USOon #G7拟释放最多1亿桶石油柴油储备
$WTI.US is currently around $91.38. Key short-term levels to watch:
$90: Bullish defense
$92: First breakout level
$95.94: Further confirmation level
$105.63: Previous high resistance
If the oil price keeps failing to regain $92, the suppressing effect from the reserve releases will be more noticeable. If it breaks back above $95.94, it would indicate that the market’s concerns about supply risk remain very strong.
$WTI.US $USOon #G7拟释放最多1亿桶石油柴油储备
