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API data supported oil prices

On Wednesday oil prices maintained an upward movement vector after the American Petroleum Institute (API) announced a decrease in US crude oil inventories of 1.25 million barrels.

 

Another driver of oil growth is the news that the White House and the Democrats reached a preliminary agreement on the implementation of additional measures to stimulate the economy in the amount of 2 trillion dollars. Investors hope that these actions will help reduce the negative effects of the coronavirus pandemic.

 

However, many experts note that investors should be very careful. Despite local positive news, the global oil market remains under strong pressure. More and more countries are introducing restrictions to limit the distribution of COVID-19. These actions lead to a decrease in energy demand, while Russia and Saudi Arabia continue to wage a price war.

 

Regarding the chart, the price ran into resistance at the level of 25.75. But the bulls continue to increase upward pressure at this level, so today we can expect a breakdown of this mark and the development of an upward movement towards 27.50.

 

  • Resistance levels: 25.75, 27.50, 30.30.

 

  • Support levels: 23.20, 21.30, 20.35.

 

The main scenario - a breakdown of resistance at the level of 25.75.

 

An alternative scenario - a decline from current levels towards 23.20.

 

The fundamental outlook is neutral. We consider longs from the level of 23.20 with very moderate risks.

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