CL New York Crude Oil – Oil prices continue to stabilize as Ukrainian attacks weaken Russian refining capacity

Oil prices rose on Friday after Ukraine launched drone attacks on Russian energy infrastructure, impacting Russian fuel exports. U.S. crude oil futures settled at $65.72 per barrel, up 74 cents, or 1.14%. Russian Deputy Prime Minister Alexander Novak said Thursday that Russia will implement a partial diesel export ban until the end of the year and extend the current gasoline export ban. Reduced refining capacity has already led to shortages of certain fuel grades in some Russian regions.

As seen on the technical chart, the RSI and Stochastics indicators have risen again, and oil prices are testing the 50-day moving average. Prices have previously tested this level twice in recent months but failed to break through. A break above the 50-day moving average could signal a resumption of upward momentum. Major resistance is expected at $66.40, followed by $68 and $70, and then $70.50. The nearest support is expected to be the 25-day moving average at $63.70 and $62, followed by support at the September 5 low of $61.45 and the $60 level.

Forecast range:
Resistance: $66.40 – $68.00 – $70.00 – $70.50
Support: $63.70 – $62.00 – $61.45 – $60.00*

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