India Seeks US Extension for Russian Oil Waiver

While India's request for a waiver on Russian oil imports signals some relief on the supply side, this development may already be largely priced in by the market. Technical indicators present a weak outlook: the RSI is near oversold territory at 37, the MACD is below its signal line, and the price is trading below both the 20-day and 50-day moving averages. In the short term, this news alone is not expected to trigger a strong reversal; the market remains more focused on broader demand concerns and geopolitical developments. Therefore, a sideways trend or limited recovery is more likely.

WTI crude oil is trading at $100.37, down 0.6% in the last 24 hours. The RSI at 39.68 is approaching oversold territory, but momentum remains weak. The MACD line is below the signal line and in negative territory, confirming a short-term bearish trend. The price is trading below both the 20-day ($101.59) and 50-day ($101.35) moving averages. India's request for an extension of the U.S. waiver for Russian oil imports could increase oversupply concerns, adding downward pressure on oil prices.

The news indicates India's willingness to continue importing Russian oil, which supports global oil supply and could be positive for energy companies such as XOM. Technical indicators also support the bullish trend: the RSI at 62.8 is not approaching overbought territory, the MACD is above the signal line and positive, and the price is above both the 20-day and 50-day moving averages. A 4.67% increase in the last 24 hours strengthens short-term momentum. However, geopolitical risks and uncertainties related to the US waiver decision may limit the upside.

CVX stock rose 2.45% in the last 24 hours, closing at $185.99. The RSI stands at 56.5, indicating a neutral zone with no overbought or oversold signals. The MACD line is above the signal line and in positive territory, supporting short-term upward momentum. The price is trading above both the 20-day and 50-day moving averages. India's request for an extension of the U.S. waiver for Russian oil could reduce geopolitical uncertainties in the energy sector, positively impacting oil prices and, consequently, energy stocks like CVX.