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Oil prices continue to break local highs

The oil prices were in the green zone at the end of Wednesday trading session due to the publication of US data on oil reserves which confirmed the forecasts. According to the weekly report of the Ministry of Energy, the level of oil reserves decreased by 1.1 million barrels, while experts expected a decrease of 1.3 million barrels. The positive reaction of the market is due to the fact that earlier API released data on reserves growth by 4.7 million barrels. Therefore, the market expected the Ministry of Energy to publish a weaker report.

 

The interim foreign trade agreement between the United States and China continues to have a positive effect on the market. This agreement has improved global economic prospects and given hope for an increase in energy demand in 2020.

 

Locally, the market is dominated by a positive fundamental background.The chart is also dominated by bearish signals. The prices fixed above the level of 60.00 and could continue upward movement. Therefore, the next goal is the level of 62.05.

 

  • Resistance levels: 62.05 64.00, 65.00;

 

  • Support levels: 60.500, 60.00, 59.10.

 

The main scenario - an increase towards 62.05 from the current levels.

 

An alternative scenario - a breakdown of support at the level of 60.50 and a retest of 60.00.

 

The fundamental outlook is moderately positive. Bullish signals prevail locally on the chart. We consider longs from the levels of 60.50 and 60.00.

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