Oil prices are trading more than 2.5 percent higher today following the European Union’s proposal for a conditional embargo on Russian oil and refined products. The latest sanctions proposed by the EU are to phase out Russian oil over the next six months.

Oil (OIL) chart, D1 interval. The escalating situation between Russia and the European Union, as well as the proposed embargo on Russian fuel supplies gave strength to the bulls today, which lifted the price of black gold by more than 2.5%. From a technical perspective, the nearest resistance levels are now the 38.2% Fibo retracement and the 50% Fibo retracement level, which coincides with the local peak of April 18, 2022. However, it is worth remembering that tonight will belong to the FOMC decision, which will give a signal to the markets on how the demand for assets may be created in the coming weeks. Source: xStation 5