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Oil prices continue grow

Oil prices are experiencing moderate growth today. EIA data on oil and oil products reserves, published yesterday, continue to support the quotes.

 

According to the report for the week, oil reserves in the country decreased by 7.37 million barrels, which is more than 2 times higher than the forecast level of -3.0 million barrels. Stronger data from the report somewhat eased investor concerns about US energy demand amid the spread of COVID-19. But overall, consumption remains well below pre-crisis levels. According to the US Transportation Security Administration, last week air passenger traffic was only 27% of last year's level.

 

The International Cruise Line Association, which represents cruise lines around the world, announced Wednesday that cruise lines operating in the United States will be suspended until at least October 31st.

 

The dynamics of the US dollar continue to exert a positive influence on the market, which fluctuates around two-year lows. All raw materials are becoming cheaper for investors.

 

The bullish trend remains relevant on the chart. Within the day, two important support levels can be distinguished - 42.10 and 41.50, at which the completion of the local correction and the resumption of the upward movement can be expected.

 

  • Resistance levels: 43.75, 45.00, 47.00.

 

  • Support levels: 42.10, 41.50, 40.40.

 

The main scenario - a decline to 41.50 and a renewed upward movement.

 

An alternative scenario - an upward reversal from the level of 42.10.

 

The current fundamental outlook is moderately positive. We are considering longs from the level of 41.50.

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