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WTI price is holding above the $40 mark

Controversial statements of White House officials regarding a trade agreement with China pressured oil prices.

 

Investors were frightened by the statements of the White House trade adviser Peter Navarro about the termination of the trade agreement with China. Later this information was denied by Navarro and Donald Trump himself. The US president tweeted that the agreement is in effect and he hopes that the Chinese side will continue to fulfill its obligations.

 

Now oil prices are recovering, but the loss we have encountered earlier today has not yet been recovered. Further dynamics of the market will depend on the situation on stock exchanges, news on the spread of coronavirus and industry statistics from the United States.

 

At the beginning of the European trading session, investors reacted very positively to the publication of preliminary data on the PMI of the manufacturing sector and the service sector in the EU and individual countries of the union. Economic activity in key sectors of the economy continues to recover, which is inevitably accompanied by an increase in energy demand. The publication of similar data for the US is expected later.

 

Regarding the chart, the bulls successfully broke the important mark of $40. The price can hold above this mark, therefore, the priority scenario is growth towards the levels of 41.00 and 42.00.

 

  • Resistance levels: 41.00, 42.00, 43.50.

 

  • Support levels: 40.00, 38.50, 36.80.

 

The main scenario - an increase towards 41.00.

 

An alternative scenario - consolidation below the level of 40.00 and a decline towards 38.50.

 

The current fundamental outlook is moderately positive. We would consider longs from the level of 39.50.

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