Today oil prices are constrained in a narrow range. The mood of investors was spoiled by macroeconomic data from China. A report published by the National Bureau of Statistics showed that the pace of recovery is gradually slowing down amid weak external and domestic demand. Investors fear that this situation will negatively affect the level of energy consumption.
Also, on Thursday, Russian Energy Minister Alexander Novak warned that he did not expect quick decisions on production cuts at a meeting of the monitoring committee of the OPEC + group next week.
Industry statistics from the US published in the middle of the week remain a support factor for the market. For the second week in a row, oil reserves in the country continue to decline, despite the continued increase in the number of cases of COVID-19. The actual stock data indicates that the new wave of the US pandemic is having a fairly moderate impact on fuel demand.
Regarding the chart, they are trying to push the price down from the range 42.35-42.90. If bears succeed, 41.40 will be the next target. But, now there is still the possibility of a false breakout of the 42.35 level and the growth of quotations to 42.90.
· Resistance levels: 42.90, 43.75, 45.00.
· Support levels: 42.35, 41.40, 40.40.
The main scenario - a consolidation below 42.35 and a decline to 41.40.
An alternative scenario - a false breakdown of the level of 42.35 and an increase to 43.00.
The current fundamental outlook is neutral. We consider shorts near the level of 42.90.
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