Moscow Refinery May Not Resume Production This Year After Drone Attacks

The news could increase geopolitical risks, triggering concerns over energy costs and inflation. Although GOOGL shares have fallen 5.3% in the last 24 hours and the RSI at 34.8 is approaching oversold territory, the MACD continues to give a sell signal. The price is trading below both the 20-day and 50-day moving averages, indicating short-term weakness. Selling pressure is likely to persist due to the negative impact of the news, but the pace of the decline may be limited by oversold conditions.

The news signals a contraction on the supply side, which could push oil prices higher in the short term. However, technical indicators are in oversold territory (RSI at 22.9), and the price is below both the 20-day and 50-day moving averages, indicating a continued downtrend. The MACD is in negative territory and below the signal line, confirming weak momentum. Therefore, while an upward move is possible, the weak technical picture suggests it may be too early to expect a strong rebound. In the short term, the price is likely to find support at $74 and experience a slight recovery.

Despite WTI crude oil being in oversold territory with an RSI of 26, the Moscow refinery's inability to resume production this year following drone attacks could heighten supply concerns. The MACD and signal line remain in negative territory and maintain a bearish crossover, indicating that short-term downward momentum may persist. The price is trading below both the 20-day and 50-day moving averages, presenting a technically weak outlook. However, potential bargain buying cannot be ruled out due to oversold conditions and geopolitical risks.

The news signals a contraction on the supply side, which could push oil prices higher. XOM stock appears technically open to a short-term rise, with the RSI in neutral territory and the MACD showing potential to cross above its signal line. However, the stock trades below its 50-day moving average, posing a risk of limited upside. Overall, supply concerns and technical recovery signals support a slight short-term uptick.