EU oil ban speculation puts crude oil on the brink of a break

I don't believe in any market moves that happen right before the Fed but I've been amazed by the strength in oil in the past few weeks despite:

1. Weak GDP readings and falling economic data Economic Data Economic data typically comes in the form of news releases that are disseminated daily. This information is extremely valuable to retail and institutional forex traders, given the influence such data has on currency rates.Most of the major economic events that are released are reported by sovereign governments throughout the globe. Moreover, there are several economic data points that are released by private organizations that can also move the market.By and large, when new information becomes a Economic data typically comes in the form of news releases that are disseminated daily. This information is extremely valuable to retail and institutional forex traders, given the influence such data has on currency rates.Most of the major economic events that are released are reported by sovereign governments throughout the globe. Moreover, there are several economic data points that are released by private organizations that can also move the market.By and large, when new information becomes a Read this Term
2. China lockdowns
3. Terrible equity market sentiment Market Sentiment Market sentiment is a psychological attitude that captures the mood and attitude of investors, usually towards a specific security or asset. This sentiment can be segregated into a bullish or bearish mood in the market. As such, certain trading activity or price behavior will also impact market sentiment.For example, bullish sentiment indicates a growth in the price of securities, whereas a bearish sentiment sees falling prices. Many traders use broader market sentiment or sentiment data to hel Market sentiment is a psychological attitude that captures the mood and attitude of investors, usually towards a specific security or asset. This sentiment can be segregated into a bullish or bearish mood in the market. As such, certain trading activity or price behavior will also impact market sentiment.For example, bullish sentiment indicates a growth in the price of securities, whereas a bearish sentiment sees falling prices. Many traders use broader market sentiment or sentiment data to hel Read this Term

Yet oil is a hiccup away from the best daily close since March 25. More importantly, this narrowing wedge pattern is in danger of breaking to the upside. I would like to see a rise above $110 to confirm it but this is a chart that bears very close watching. Reports suggested the EU is on the verge of banning Russian oil with a six month deadline and could make the announcement tomorrow.