Reuters is reporting that Russia is intending to cut crude exports from its western ports by 1/4 in March/April. Recall Russia voluntarily cut oil production by 500K BPD in March in response to sanctions.
Yesterday crude oil settled at $76.16. The current price is trading at $75.56. That's down $0.60 on the day or -0.74%. Looking at the daily chart below, the price highs seen over the last few months have been fine thing sellers against the falling 100 day moving average (blue line in the chart below). It would take a move above that moving average – and stay above - currently at $80.81, to increase the bullish bias on the daily chart.
On the downside, the swing low from February comes in at $72.30. The low from January was at $72.50. Those levels will be key targets on further selling momentum.
The low from December 9, 2022 (the low for the year) reached the $70.10.
