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WTI is above the $40 mark

Oil prices are in the green zone today despite reports of a worsening epidemiological situation in the United States. Quotes are supported by the positive movement dynamics of the major stock indices.

 

Many US states have recorded new records for the number of cases of COVID-19 infection. The total number of people infected in the country exceeded 2.8 million people. Montana, Delaware and Alaska are experiencing the highest percentage growth compared to previous reports, while South Carolina, Texas, Arizona, Nevada and California reported a record number of hospital admissions as of July 6th. Investors expect the introduction of new targeted quarantine measures that will hinder the process of recovery in energy demand, both in the US and in other countries.

 

At the end of last week, the United States published export data, according to which within six months China purchased energy resources for the total estimate of $2 billion. As part of an interim trade agreement, China has pledged to purchase $25 billion worth of energy from the United States in 2020. Such a significant lag is due primarily to the collapse in energy demand and falling prices in the midst of a pandemic. American oil producers are demanding that the US sales representative increase pressure on China, because in the current economic environment, a trade agreement is very important for the US oil industry.

 

The graph continues to demonstrate upward movement. At lower time intervals there are no reversal signals yet. As a priority, we would consider the scenario with an increase to the 41.10 mark.

 

  • Resistance levels: 41.10, 42.00, 44.00.

 

  • Support levels: 38.70, 37.00, 34.50.

 

The main scenario - an increase towards 41.10.

 

An alternative scenario - a consolidation in a narrow range in the region of the level of 40.00.

 

The current fundamental outlook is neutral. We would consider longs from the level of 39.60.

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