Oil is climbing following a proposal made by European Commission President Ursula von der Leyen to embargo Russian crude oil imports within the next six months. This ban will include both seaborne and pipeline supply. Moreover, refined products will be phased out by the end of 2022.
These comments relate to the sixth round of sanctions against Russia over its invasion of Ukraine. All EU members will need to approve for the bans to take effect.
Von der Leyen also suggested that Sberbank, Russia's largest bank, and two other significant banks be removed from the SWIFT payment system.
Both USOil (left) and UKOil (right) are above the 30-hour EMAs. Moreover, the EMAs have turned up, which is bullish. The stochastic of both instruments has moved into its upper quintile (green rectangles). The longer they maintain these positions, the more likely the upwards momentum support the current oil push.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.