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Irans First Vice President Aref stated that the wealthiest families in Iran consume approximately 23 to 24 times more gasoline than the poorest families. Meanwhile, the Iranian government is facing increasing pressure regarding fuel consumption, production, and prices.August 22 - Due to persistent high temperatures and drought, water levels in many important European rivers have dropped. French shipping company CMA CGM announced that due to the abnormally low water levels of the Rhine and other European rivers, inland waterway transport is severely affected, and an "Inland Emergency Transport Fee" will be levied on goods transported through three ports. CMA CGM stated that the persistently low water levels have led to reduced inland barge transport capacity, port congestion, longer cargo dwell times at docks, and increased operating costs. This emergency surcharge will apply to all inland transport methods passing through the aforementioned three ports. The recent prolonged high temperatures and drought in many parts of Europe, coupled with the dropping Rhine River water level, has already impacted shipping and energy supplies. The Rhine River is one of Europes most important inland waterways, connecting several countries including the Netherlands, Germany, France, and Switzerland.The Iranian news agency IRNA released photos of Iranian Parliament Speaker Qalibaf during his visit to Iraq.On August 22, according to the Guangdong Provincial Administration for Market Regulation, in order to further strengthen the main responsibility of online platform enterprises, rectify prominent issues such as inadequate verification of the qualifications of merchants, unfair platform rules, key product quality and safety, and food safety, further regulate the online transaction business order, and protect the legitimate rights and interests of consumers and operators within the platform, the Guangdong Provincial Administration for Market Regulation organized an administrative guidance meeting for platform enterprises on August 19.August 22 – According to the Iranian news agency IRNA, one of Iraqs most important demands to Tehran during Iranian Parliament Speaker Ghalibafs visit to Iraq was the issuance of special permits for Iraqi oil tankers to pass through the Strait of Hormuz. This request had been submitted to Iran multiple times through various channels. Despite Irans ongoing military operations and the severely deteriorated security situation in the Strait of Hormuz due to hostile actions by the United States, Iran ultimately decided to grant permits to some Iraqi oil tankers to pass through the strait.

WTI Price Analysis: Oil purchasers must sustain a break above $80.00 to maintain control

Daniel Rogers

Apr 04, 2023 13:39

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WTI crude oil prices remain stagnant near $80.30 as commodity traders search for fresh impetus to extend Tuesday's largest daily gain in 11 months. Thus, the price of black gold oscillates around a seven-week-old resistance line with an overbought RSI. (14).

 

WTI purchasers are challenged by not only the $81.00 trend line barrier and the overbought RSI (14) but also the waning bullish bias of the MACD and multiple peaks marked during January 2023 around $82.70.

 

In the event that the energy benchmark surpasses $82.70, the Oil bears' last line of defense could be a rise to a high near $83.30 in December 2022.

 

In contrast, pullbacks can target the $80.00 round number and the $79.00 swing low from late Monday.

 

However, a rising support line from March 24 and the 200-day simple moving average, respectively near $76.15 and $74.35, could pose a threat to Oil skeptics in the future.

 

Should WTI bears maintain control beyond $74.35, a two-week-long support line near $70.80 and the psychological threshold of $70.00 can entice Oil sellers.

 

Buyers of WTI crude oil appear to be running out of steam, but the bears have a considerable distance to travel before regaining control.