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WTI: OPEC + meeting may take place on June 4th

Oil prices on Monday remained virtually unchanged; trading takes place at the closing levels of the previous trading week. The focus of the market is the OPEC + meeting, which may take place this week.

 

At the weekend, the Algerian Minister of Energy took the initiative to reschedule the meeting from June 9-10 to June 4. Later, citing anonymous sources, some news agencies reported that Russia did not object to rescheduling the meeting to an earlier date. Investors took this as a signal that Saudi Arabia and Russia had almost reached an agreement on further plans for regulating the energy market.

 

A good signal for bidders was the data of economic statistics from China, published on Sunday and Monday. The data indicates an increase in economic activity in the manufacturing sector of China, which will have a positive impact on energy consumption.

 

The news about the conflict between the US and China may have a restraining effect on the market, but, locally, a moderately positive fundamental background remains on the market.

 

The graph continues to show upward movement. Bulls test the level of 35.70. While we do not see a strong reaction of prices to this level, therefore, we consider the scenario with a breakdown of the level of 35.70 and an increase in quotations above the level of 36.50 as a priority.

 

  • Resistance levels: 36.50, 38.00, 40.00.

 

  • Support levels: 34.75, 34.00, 32.40.

 

The main scenario is a breakdown of resistance at the level of 35.70 and further growth above 36.50.

 

An alternative scenario - a breakdown of intraday support at the level of 34.75 and a decline towards 34.00.

 

The current fundamental outlook is moderately positive. We would consider longs from the level of 34.75.

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