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Oil prices almost reached a 3-month maximum

Oil prices almost reached a 3-month maximum amid investor optimism before the OPEC + meeting and signs of recovery in key economic regions of the world.

 

Oil quotes continue to be supported by good economic statistics from China. This country is the largest energy consumer in the world. The economic situation is also improving in other countries, which are gradually reducing social restrictions. The global economic recovery will inevitably be accompanied by an increase in demand for oil and other energy resources.

 

The key driver of growth is still the upcoming OPEC + meeting. Participating countries should hold a video conference on Thursday. Investors hope that the meeting participants will agree not only on the extension of existing agreements to limit production, but can reduce production quotas even further. Saudi Arabia continues to insist on a deeper reduction for a longer period.

 

Today, investors will follow the publication of the weekly report of the US Department of Energy. According to API data, oil stocks decreased by 0.5 million barrels per week. As part of a report by the US Department of Energy, experts predict an increase in reserves of 3.0 million barrels.

 

A bullish trend continues to develop on the chart. There are no signs of a potential reversal of this price movement at the smaller time intervals, so today we expect further growth of quotations. The target levels are 39.00 and 40.00.

 

  • Resistance levels: 38.00, 39.00, 40.00.

 

  • Support levels: 37.40, 36.50, 35.70.

 

The main scenario - a rollback to 37.40 and an increase to 39.00.

 

An alternative scenario - an increase towards the level of 39.00 from current levels.

 

The current fundamental outlook is moderately positive. We would consider longs from the level of 37.40.

 

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