flag-gb flag-my flag-zh flag-id flag-th flag-vi

China related news and US Sanctions against Rosneft Trading SA facilitate the recovery of oil prices

On Wednesday, the oil market is moving up. Since the beginning of the day, Brent has risen by 0.9%, WTI by 1.0%. Quotations are supported by the situation on stock exchanges. Major indices recover after a strong decline the day before. The reason for optimism was data from China, according to which the number of new cases of infection with coronavirus is declining for the second day in a row.

 

Yesterday reports regarding the United States imposing sanctions on Rosneft Trading SA continue to influence the market positively. Rosneft Trading SA is a subsidiary of the Russian Rosneft. According to the White House, Rosneft Trading SA, registered in Geneva, provided financial support to the Venezuelan government. This company was the main channel for oil supplies trafficking from Venezuela to India and China.

 

In the coming days, the focus of investors will be set on the industry statistics from the United States. Due to the holiday on Monday, the publication of the weekly report of the US Department of Energy will be held on Thursday.

 

A breakdown of the 52.00 level occurred on the chart, which is a good signal for the further pullback movement. The next target for the bulls is the level of 53.10.

 

Resistance levels: 53.10, 54.00, 55.05.

 

Support levels: 52.00, 50.50, 49.30.

 

The main scenario - growth towards the level of 53.10.

 

An alternative scenario - a consolidation below 52.00 and a decline towards 50.50.

 

The fundamental outlook is moderately positive. Bullish signals prevail locally on the chart. Within the daily framework, we consider longs from the level of 52.00.

Latest news

DEPOSIT BONUS 200%: PROLONGED TILL 04 JANUARY 2021!

2020-12-04 08:57:41

Only from November 02nd, 2020, to January 04th, 2021, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of […]

No Deposit Bonus 100 USD – available for 3 days only!

2020-11-23 08:44:40

Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! πŸ† Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts πŸ“ How to get the bonus: 1) Register an […]