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On April 2, the General Office of the State Council issued the "Implementation Plan on Establishing a Comprehensive Evaluation System for Enterprise Credit Status." The Implementation Plan requires improving the public credit evaluation system, unifying public credit evaluation rules, industry credit evaluation management, and channels for publicizing public credit evaluation results, improving the industry credit evaluation coordination mechanism, standardizing the development of market-based credit evaluation, accelerating the integration and application of public credit evaluation and market-based credit evaluation, better leveraging the supporting role of credit evaluation in the financing of small and micro enterprises, improving the evaluation update and adjustment mechanism after credit repair, ensuring smooth channels for handling objections and appeals, and implementing credit evaluation management responsibilities.Italys seasonally adjusted retail sales rose 0% month-on-month in February, compared with 0.60% in the previous month.According to the German business weekly Wirtschaftswoche, Ryanairs CEO expects oil prices to fall soon; he is "optimistic" that fuel prices will drop again in the fourth quarter of this year, or even earlier.On April 2nd, Thai Finance Minister Ekniti stated on Thursday that the Ministry of Energy will recalculate refining and refined petroleum product sales costs by April 6th to curb rising fuel prices. The new calculations will be submitted to the Cabinet for review and should result in lower energy prices. Ekniti has been appointed head of a newly established committee responsible for reviewing fuel cost structures and pricing. He said that under the current circumstances, refining-related calculations may be inflated, and consumers should pay lower prices at gas stations. The Ministry of Energy has been instructed to recalculate reasonable refining and sales costs, verify the actual impact of war-related premiums, and propose mechanisms to ensure cost reductions. He also stated that the government hopes to verify the true "war premium" and other additional costs, such as freight and insurance, to determine the true cost burden borne by refining companies. According to data from the University of the Thai Chamber of Commerce, during the upcoming Thai New Year holiday (April 13th-15th), Thai consumer spending may decrease by 3.7% year-on-year to approximately 130 billion baht (approximately US$3.98 billion) due to factors such as rising oil prices.The UKs energy regulator OFGEM said continued volatility in the global natural gas market could put pressure on market prices during the future price cap period.

WTI Price Analysis: Oil traders test multi-day-old resistance at $78.30

Alina Haynes

Mar 03, 2023 13:49

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Buyers of WTI crude oil take a break near a two-week high, registering slight losses close to the $78.00 threshold on Friday morning. In doing so, the price of black gold retreats from a four-month-long resistance line and snaps a three-day winning streak.

 

Noting the bullish MACD signals and the firmer RSI (14), which are not overbought, as well as the quote's successful trading above the one-week-long ascending support line, keeps WTI bulls optimistic about overcoming the adjacent resistance line, close to $78.30 at the latest.

 

Nonetheless, the 100-DMA barrier encircling $79.75 and the $80.00 round number functions as an additional filter to the north.

 

In the event that the price of oil remains firmer than $80.00, the January 2023 and December 2022 peaks, which are located near $82.55 and $83.30, respectively, could attract commodity investors.

 

Thereafter, a rapid decline to the previous weekly low of $73.85 cannot be ruled out. However, a clear downside break of $73.85 will emphasize the bottom of February and the December 2022 lows, near $72.50 and $70.25, as the key support to monitor during the commodity's further decline.


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