India Turns to Latin American and African Oil After Hormuz Disruption

GOOGL stock is exhibiting a weak technical outlook. Although the RSI at 34.8 is approaching oversold territory, the MACD remains below the signal line and in negative territory. The price is trading below both the 20-day and 50-day moving averages. While the news headline focuses on oil supply, rising energy costs are expected to create indirect pressure on technology companies. The likelihood of a continued short-term downtrend is high.

Brent crude oil prices have fallen 1.28% over the past 24 hours to $103.54. The RSI stands at 43.8, indicating weak momentum, while the MACD remains below the signal line and in negative territory. Short-term moving averages (SMA20 and SMA50) also point to a downward trend. News headlines suggest that India's shift to alternative sources following the disruption in the Strait of Hormuz could ease supply concerns. This development may exert downward pressure on oil prices in the near term.

WTI crude oil fell 1.4% over the past 24 hours to $96.60. The RSI is at 42.4, indicating weak momentum, while the MACD remains below its signal line in negative territory. Trading below the 20- and 50-day moving averages adds to short-term pressure. Although news points to a shift toward alternative sources due to the Hormuz disruption, it is still too early for supply concerns to lift prices. The weakness in technical indicators and the downward trend suggest that downside risks may persist in the near term.

Exxon Mobil (XOM) shares fell 4.7% in the last trading session, with technical indicators signaling weakness. The Relative Strength Index (RSI) is approaching the oversold territory at 43, while the Moving Average Convergence Divergence (MACD) remains below the signal line and is trending negative. The stock is trading below both its 20-day and 50-day moving averages. The news highlights India's shift toward alternative sources following disruptions in the Strait of Hormuz, which could reduce demand for Middle Eastern oil, creating a short-term negative sentiment for major oil companies like Exxon. However, given the temporary nature of the disruption and the fact that global supply has not completely halted, the downside is expected to be limited.