Russia Imposes Restrictions on Gasoline Sales After Refinery Attacks

Russia's imposition of restrictions on gasoline sales following refinery attacks could increase supply concerns and create short-term upward pressure on Brent. However, the price is currently at 94.28, below the SMA20 and SMA50, with RSI at 33.5 near oversold territory and MACD in negative territory, indicating that the current downtrend has not yet reversed. The news may trigger short-term buying interest, but given the weak technical picture, the upside is likely to be limited. A sustained recovery is difficult to envision unless the 96.7-97.6 resistance zone is breached. Therefore, I cautiously assess the direction as upward, but with low confidence.

Russia's imposition of restrictions on gasoline sales following attacks on its refineries could heighten supply concerns and create downward pressure on crude oil prices in the short term. However, WTI has already fallen 2.7% in 24 hours and the RSI at 35 is approaching oversold territory, suggesting the decline may be limited. The MACD remains below its signal line and the price is trading below the SMA20/SMA50, indicating a weak technical picture. Since the news impact is partial and uncertain, confidence should be kept low. Selling pressure may persist in the short term, but bargain-hunting buying could emerge.