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On November 30th, Japanese Finance Minister Satsuki Katayama stated on Sunday that the recent sharp fluctuations in the foreign exchange market and the rapid depreciation of the yen were clearly not driven by fundamentals. "Our position is to issue a warning about such events," Katayama said. She reiterated that currency intervention is still possible in response to excessive yen volatility and speculative movements. This aligns with the September Japan-US joint statement, which stated that exchange rates should be determined by the market. On Monday, the market will closely watch for comments from Bank of Japan Governor Kazuo Ueda to see if he signals a possible interest rate hike at the Bank of Japans December meeting.The Kurdistan Regional Governments Electricity Department: Operations at the Khormor oil field have resumed, and the transmission of natural gas to the power plant began at 2:00 AM.On November 30th, three OPEC+ representatives indicated that OPEC+ is likely to maintain its first-quarter 2026 oil production levels at its Sunday meeting, a move that would moderate its efforts to regain market share amid growing market concerns about oversupply. Similar comments were made by other sources this week. The organization had been cutting production for years until April of this year, when eight member countries began increasing output to restore market share.November 30th - The 2026 national civil service examination for central government agencies and their affiliated institutions was held today. The Administrative Aptitude Test was held from 9:00 AM to 11:00 AM, and the Essay Writing Test was held from 2:00 PM to 5:00 PM. The 2026 national civil service examination plans to recruit 38,100 people, a decrease of 1,600 from last year. Although the number of recruits has decreased slightly compared to last year, the number of applicants has reached a record high. According to data released by the State Administration of Civil Service, 3.718 million people passed the qualification review by employing units, with a ratio of approximately 98:1 between those who passed the qualification review and the planned recruitment number.On November 30, Venezuelan Foreign Minister Silva issued a statement via social media on the 29th, strongly condemning the US governments actions that threatened Venezuelas airspace sovereignty, calling it a "colonial threat" and "illegal aggression," and announcing that the US actions had forced the suspension of flights for Venezuelan migrants to return home. The statement noted that US President Trump posted a message on social media that day attempting to exercise "illegal extraterritorial jurisdiction" over Venezuela, issuing "orders" over Venezuelan airspace. The Venezuelan government firmly opposes this, believing that it seriously infringes upon Venezuelas airspace sovereignty, territorial integrity, and aviation safety, and is a "hostile, unilateral, and arbitrary act" that violates the purposes and principles of the UN Charter.

WTI bulls near $92.00 resistance

Alina Haynes

Aug 19, 2022 11:53

101.png 

 

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.