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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.

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