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On March 21, the U.S. Food and Drug Administration (FDA) announced a recall of nearly 90,000 bottles of ibuprofen for children distributed nationwide due to consumer complaints of foreign objects in the solution. According to the FDAs recall report, the medication was manufactured in India by Progress Pharmaceuticals, an international pharmaceutical company headquartered in Bangalore, under the brand name Taro Pharma "Childrens Ibuprofen Oral Suspension," containing 100 mg of ibuprofen active ingredient per 5 ml bottle, with a capacity of 120 ml. The recall involves a total of 89,592 bottles, with an expiration date of January 31, 2027. The report indicates that the recall is due to consumer complaints of foreign objects such as "gel-like substances" and "black particles" in the solution. The FDA has classified this recall as a "Level 2 recall." According to its website, a "Level 2 recall" means that the product may cause temporary or reversible health effects, but the likelihood of serious adverse consequences is low.The US representative to the United Nations stated that any easing of sanctions on Iranian oil would be "very short-lived" and limited in duration.March 21 – According to the Financial Times, the European Commission has urged member states to lower their natural gas storage targets and adopt a gradual approach to replenishing reserves in order to alleviate market demand pressures. This comes after the war with Iran impacted key suppliers and triggered a surge in energy prices. EU Energy Commissioner Jorgensen instructed EU energy ministers not to rush to replenish their depleted gas reserves in the face of supply shortages, but to utilize flexibility to reduce demand from households and industry. Member states should reduce their gas injection targets at 80% capacity as early as possible during the injection season, 10 percentage points lower than the official EU target, to provide certainty and assurance to market participants. He suggested that countries begin replenishing reserves gradually to avoid a late-summer buying spree that could put pressure on the market, while postponing the deadline for meeting storage targets to December 1st. This is a month later than the deadline stipulated in legislation passed after the Russia-Ukraine conflict.According to the Financial Times, EU Energy Commissioner Jorgensen said that EU member states should reduce their gas injection targets for gas storage facilities to 80% of capacity, 10 percentage points lower than the official EU target.Irans Islamic Revolutionary Guard Corps: The 70th wave of retaliatory strikes against U.S. and Israeli interests in the Gulf region and elsewhere has targeted more than 55 locations.

WTI bulls near $92.00 resistance

Alina Haynes

Aug 19, 2022 11:53

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Black gold posted its highest daily gains in a month the day before, bouncing off the 61.8% Fibonacci retracement line of December 2021 to March 2022 upside, approximately $86.85 at press time.

 

The price stays below a convergence of the 21-DMA and a downward sloping resistance line from mid-June, $92.00. Stable RSI and sluggish MACD signals also show lack of rising momentum.

 

Before celebrating, crude oil purchasers should wait for a daily close above $92.00. After that, a run up to July's swing high above $101.00 is possible.

 

The important Fibonacci retracement level at $86.85 precedes the recent multi-month bottom around $85.40 to limit short-term WTI downside.

 

If energy bears keep reins below $85.40, the January 2022 high near $81.70 may act as an intermediate halt before sending prices to $80.00.