Crude oil WTI is rising the third day higher by 1.6%, testing the upper extreme of the Year’s value area for selling again. Market participants may lean on the balance extremes and the Monthly DVAH might serve for selling. Weekly becomes imbalanced to the upside with support off the intraday DVAL. Prospect of banning Russian oil seemingly driving the prices higher in combination with the surging inflation data. China’s Covid would dampen demand and the higher dollar due to the interest rate hikes might pressure the oil price. Additionally, the market might decline by higher production data in the Middle East and the US.

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