On Tuesday, oil prices are experiencing moderate growth. The quotes are supported by the situation on the stock markets (the main indices are trading in the green zone) and the news about the successful trials of the coronavirus vaccine.
Three companies at once announced on the eve of successful trials of a vaccine against COVID-19. British pharmaceutical company AstraZeneca (developing a vaccine with Oxford University), Chinese company Cansino Biologics and German BioNTech (developing a vaccine with American Pfizer) have all reported that the vaccines they have developed induce an immune response. Investors hope the vaccine will stop the pandemic and the global economic recovery will be faster.
Investor sentiment is also boosted by reports of new stimulus programs in the EU and potentially in the US. EU leaders announced the approval of a stimulus program for a total amount of1.8 trillion EUR this morning. Regarding the US Congress, the debate on the launch of a new stimulus program is still ongoing.
Investors are expecting the release of API reserves today. Last week, stocks fell by 8.3 million barrels at once. Investors hope for a continuation of the positive trend.
Regarding the chart, buyers are pushing the price towards 41.10, increasing upward pressure. Today we can expect a breakdown of this level and further upward movement with the nearest target at 42.00.
The main scenario - a breakdown of resistance at 41.10 and growth to 42.00.
An alternative scenario - consolidation in the range of 38.70-41.10.
The current fundamental outlook is moderately positive. We would consider longs from the level of 40.90.
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