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WTI: the morning gap has almost closed

Trading in the oil market opened with a substantial downward gap. Investors reacted to reports of the OPEC + meeting being postponed from April 6 to 9, after Russia and Saudi Arabia exchanged mutual accusations of disrupting the negotiations in March. But by the beginning of the European trading session, the bulls were able to win back most of the losses, since investors are confident that the meeting will nevertheless take place and the parties will be able to find a compromise solution to stabilize oil prices.

 

Saudi Arabia will postpone the issue of official oil sales prices until Friday, hinting that it does not seek to flood the market with cheap supplies and is ready to negotiate.

 

Donald Trump stated earlier that he would introduce import tariffs for crude oil if Russia and Saudi Arabia could not reach a new agreement and stabilize the market. But he expressed the hope that he would not have to carry out his threat.

 

Bullish signals prevail locally on the chart. After correction to the level of 27.50, the price resumed its upward movement and is now preparing for a resistance retest at 30.30. If this level is passed, the next target for bulls will be 33.75.

 

  • Resistance levels: 30.30, 33.75, 35.70.

 

  • Support levels: 27.50, 25.75, 23.20.

 

The main scenario - a breakdown of resistance at the level of 30.30 and further growth.

 

An alternative scenario - a false breakdown of the 30.30 level and a decline towards 27.50.

 

The fundamental outlook is moderately positive. Bullish signals prevail locally on the chart. Longs should be sought around the level of 29.15.

 

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