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February 2nd - Tickmill Groups Patrick Munnelly stated in a report that he expects a clear majority of Bank of England Monetary Policy Committee members to support keeping interest rates unchanged in Thursdays rate decision. He anticipates a vote of 7 in favor of maintaining the 3.75% rate and 2 votes in favor of a 25 basis point cut. LSEG data shows that the market expects a 97% probability that the Bank of England will keep interest rates unchanged this week.According to Irans Tasnim News Agency, talks between Iran and the United States may involve Iranian Foreign Minister Araghchi and US special envoy Vitkov.February 2nd - OPEC+ did not provide guidance on production policy beyond March, indicating that the alliance is maintaining an open approach amid a highly volatile geopolitical environment. As widely expected, the alliance confirmed it will maintain its production quotas unchanged in March (the final month of the three-month supply freeze), but did not reveal any plans for April or the second quarter. A DNB analyst stated, "The organization is prioritizing flexibility over signaling, which is understandable given the current high level of geopolitical uncertainty."February 2nd - According to data from the Comprehensive Transportation Spring Festival Travel Task Force, on February 2nd, 2026 (the first day of the Spring Festival travel rush, the 15th day of the twelfth lunar month), the total number of cross-regional passenger flows is expected to reach 187.91 million, an increase of 13% compared to the same period in 2025 (the first day of the Spring Festival travel rush).On February 2nd, the Tianjin Branch of the Peoples Bank of China, in conjunction with the Tianjin Regulatory Bureau of the State Financial Regulatory Commission and the Tianjin Municipal Commission of Housing and Urban-Rural Development, adjusted the mortgage policy for commercial properties in Tianjin according to the city governments regulatory requirements and the principle of city-specific policies: For enterprises and individuals purchasing commercial properties (including mixed-use commercial and residential properties) in Tianjin, the down payment ratio for mortgage loans is adjusted to no less than 30%. Based on this lower limit, commercial banks within the jurisdiction can reasonably determine the specific down payment ratio for each commercial property mortgage loan according to market and rule-of-law principles, combined with their own operating conditions and customer risk profiles. This policy will take effect on February 2nd, 2026.

WTI Price Analysis: Descending wedge breakout favors Oil supporters, $77.0 protects near-term upside

Daniel Rogers

Feb 24, 2023 14:21

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WTI crude oil investors attack $76.00 early Friday, around $76.10 by press time, extending the previous day's rebound from a three-week low. Thus, black gold validates both the bullish MACD signals and the descending wedge, a bullish chart pattern.

 

Consequently, the energy benchmark is well-positioned to extend the most recent rebound towards a convergence of 50-SMA and 100-SMA, around $77.00-$77.10 per barrel.

 

However, multiple obstacles encircling the psychological magnet of $80 could prevent WTI bulls from surpassing $77.10.

 

It is important to note that the theoretical target for the falling wedge confirmation is $81.70. After that, a five-week-long horizontal resistance area encompassing $82.60 to $80.70 may limit the commodity's further gains.

 

On the other hand, the stated wedge's top line functions as an immediate support line, close to $75.80 at the time of publication.

 

If the price declines below $75.80, the recent swing low near $73.80 may act as a buffer before highlighting the region containing the lows marked thus far in 2023, near $72.50 to $70.

 

Even though the road to the north appears lengthy and bumpy, the Oil price has regained buyers' confidence.