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Oil prices: sometimes expensive, sometimes cheap

21.09.2023

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Rumors about the introduction of a protective export duty on petroleum products and a number of statements by officials have cooled the situation in the fuel sector. The cost of petroleum products has been declining for the second day in a row. To further curb the rise in prices for petroleum products, the government is promising “radical measures” regarding gray exports in the coming days and is ready to take more serious steps if necessary. But the introduction of a duty of $250 per ton is currently hampered by the unresolved issue of compensation for oil refineries.

Most likely, in order to avoid strong speculation and a rapid rise in prices, oil prices will be raised very carefully and systematically. This picture also fits within the framework of technical analysis of the price chart and projected targets of $100 per barrel. Now on global timeframes the price is within the fourth corrective wave with a decline to $91-$91.5, from where purchases may resume towards the intended goals. Everything is according to plan, gentlemen traders. Now the news background and oil price movements are very synchronous.