US Senate Opens Door to 100% Tariffs on Countries Buying Russian Oil

The news signals a significant contraction on the supply side, which could push oil prices higher. Technically, the RSI at 52 is in neutral territory, while the MACD, though below zero, is close to crossing above its signal line, indicating weak bullish momentum. The price is above the 20-day SMA but below the 50-day SMA, suggesting short-term recovery potential. However, the impact of the news may not yet be fully priced in, supporting a moderately confident bullish outlook.

The news points to stringent sanctions on Russian oil, which could drive oil prices higher amid supply disruption concerns. Technically, the price is trading above the 20- and 50-day moving averages, and the RSI at 54 supports the upward trend. Although the MACD line is below the signal line, the gap is narrowing, suggesting momentum could turn upward. However, the upside may be limited due to uncertainties over the implementation timeline of the sanctions and global demand.

The news paves the way for heavy tariffs on countries purchasing Russian oil, creating uncertainty in global oil supply and potentially negatively impacting energy stocks such as XOM. Technically, the stock is trading below its 20- and 50-day moving averages, with an RSI of 44 in weak territory. The MACD line is below the signal line and moving into negative territory, confirming short-term downside momentum. The 2.77% decline over the past 24 hours indicates increasing selling pressure. However, the full impact of the news may not yet be priced in, so a bearish trend is expected with medium-to-high confidence.

The news could pave the way for heavy tariffs on countries purchasing Russian oil, potentially increasing supply concerns in the energy sector. CVX shares have fallen 4% in the last 24 hours, and while the RSI at 34.9 approaches oversold territory, the MACD line remains below the signal line. Trading below the 20- and 50-day moving averages suggests short-term weakness may persist. However, oversold conditions and the pace of the decline could trigger some buying interest, so my bearish outlook is strong but not certain.