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April 22nd - The Middle East conflict has led to rising global aviation fuel costs, putting pressure on airlines. According to data from aviation analytics firm Rescommend, 19 of the worlds 20 largest airlines plan to cut flights in May. Rescommends analysis shows that global airlines planned capacity in May is down by about 3% compared to early March. The agency previously predicted that global capacity would grow by 4% to 6% for the whole year, but now judges that in some cases, full-year capacity may even decline, by as much as 3%. On Tuesday, local time, Lufthansa announced that it would cancel approximately 20,000 flights between May and October. Furthermore, Lufthansa stated that it would suspend some low-profit routes from Munich and Frankfurt from now until around mid-October. Lufthansa stated that aviation fuel prices have doubled since the outbreak of the Middle East conflict. The latest measures may help it save approximately 40,000 tons of aviation fuel.French Prime Minister Charles Le Corny stated that in response to rising fuel prices due to the international situation, the government has launched a special assistance program for "frequent drivers." This assistance is aimed at workers who need to use private cars for work and cannot bear the pressure of rising costs alone. This targeted and temporary assistance aims to provide simple and clear support for employment and protect low-income groups.Sources say the Sizlan oil refinery in Russia has halted oil processing following the drone attack on April 18.Tesla (TSLA.O) executive: Model YL deliveries will begin in India this quarter.April 22 – It was learned today that during a recent on-site inspection of drugs overseas, the National Medical Products Administration (NMPA) discovered that two Indian companies had implemented changes to their colchicine raw material production processes without obtaining approval or filing as required by relevant Chinese laws and regulations, which does not comply with the requirements of my countrys Good Manufacturing Practice (GMP) for pharmaceuticals and its appendices. Based on the Drug Administration Law of the Peoples Republic of China and other regulations, the NMPA has decided to suspend the import of colchicine raw materials from these two companies, effective immediately. These raw materials are prohibited from sale in my country and from use in pharmaceutical preparations. Drugs already produced using these raw materials will not be released. For drugs already marketed, the NMPA requires marketing authorization holders to immediately conduct investigations and assessments, and take necessary risk control measures based on the assessment results.

WTI Price Analysis: Reverses from three-week high towards previous resistance encompassing $78.50

Daniel Rogers

Mar 06, 2023 14:31

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WTI crude oil returns to the bear’s radar, after a four-day winning streak, as the energy benchmark takes a U-turn from a three-week high to record 0.70% intraday losses around $79.30 during early Monday.

 

In doing so, the black gold traces the RSI (14) as it reverses from the overbought territory. The Oil skeptics are challenged by the languid MACD signals, which suggest a lack of momentum.

 

Additionally assessing the commodity’s latest weakness could be a downward-sloping support line from January 27, previous resistance around $78.45.

 

Even if the WTI bears are able to overcome the resistance-turned-support near $78.45, the 200-day simple moving average (SMA) and a rising support line from late February near $78.10 and $77.70 could limit the price's further decline before persuading the sellers.

 

Meanwhile, recovery moves may initially target the psychological magnet at $80.00 before aiming for the five-week-long horizontal resistance zone encircling $80.65-70.

 

Following that, a horizontal resistance zone encompassing tops marked since January 18, close to $82.65-70, could challenge the WTI bulls before handing them control.

 

Overall, WTI crude oil is likely to decline further, but bears must remain cautious until a distinct break below $77.70 occurs.