After hitting the annual minimum oil prices have started to recover, ignoring API data on US stock growth.
Oil prices began to rise after reports of the OPEC+ meeting discussions in Vienna regarding the issue of additional production quotas reduction to 1 million barrels per day in order to balance the market as a result of a sharp decline in energy demand. Russia is opposed to a deeper reduction in production, so a final decision on this issue has not yet been made. Therefore, it is still too early to talk about a bearish trend reversal in the market. Many investors are not certain that a larger reduction in OPEC+ production will be a sufficient measure to restore market balance even if such a decision is made.
Today, the weekly data from the US Department of Energy on oil and petroleum products will be in the spotlight. Experts predict an increase in indicators, which may further increase pressure on the market.
The chart shows no signals on completion of the main bearish trend. Local growth occurs as part of the correction, the immediate goal of which is the level of 52.00.
Resistance levels: 52.00, 53.10, 54.00.
Support levels: 49.70, 49.00, 48.00.
The main scenario - an increase towards the level of 52.00 and further downward movement.
Alternative scenario - a decline towards 49.00 from the current levels.
The fundamental outlook is moderately negative. Within the daily framework, we consider shorts from the level of 52.00.
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