Global oil prices maintain an upward momentum as investors hope for widespread use of incentive measures by major central banks in order to prevent global economic collapse. Today, G7 finance ministers and central bank leaders will hold a teleconference to coordinate the response to the coronavirus outbreak. Investors hope that these actions will be able to slow down negative trends in the global economy and will help restore energy demand.
Also, optimism is growing on the market regarding the outcome of the upcoming OPEC+ meeting. Following the positive statements by Vladimir Putin, investors are confident that Russia will soften its stance on the issue of reducing production quotas and OPEC countries will agree on new measures restricting supply on the market.
The price overcame resistance at the level of 47.00, opening the way for the further development of the upward correctional movement. Accordingly, today we expect a moderate decline in quotations to the area around the level of 47.00 and further growth towards 48.70 and 50.20.
Resistance levels: 48.70, 50.20, 52.00.
Support levels: 47.00, 45.70, 43.75.
The main scenario - a decline towards 47.00 and an increase towards 48.70.
An alternative scenario - a breakdown of support at the level of 47.00 and a decline towards 45.70.
The fundamental outlook is neutral. We consider longs of the from levels 46.60 and 45.70.
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