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Oil prices rise due to the storm in the Gulf of Mexico

Crude oil prices increased on Monday amid reports of more than doubling oil production in the Gulf of Mexico.

 

On Sunday, Hurricane Marco and Tropical Storm Laura swept across the Caribbean and the Gulf of Mexico. The hurricane is predicted to sweep along the Louisiana coast on Monday. Donald Trump has declared a state of emergency in this state. Oil companies were forced to freeze more than half of their drilling rigs. At the same time, forecasters predict a further deterioration in weather conditions in the region during the week.

 

The situation on the stock markets and the dynamics of the dollar movement also have a positive effect on the oil market. The dollar index is down by 0.12% today, and major global indices are trading in the green after reports that the US Food and Drug Administration (FDA) has authorized the use of plasma from recovered patients for the treatment of COVID-19. Investors hope for an improvement in the US epidemiological situation and a faster recovery in energy demand.

 

On the chart, the flat trend of 41.80-43.20 remains relevant. As part of the flat, we expect the development of a moderate upward movement to the level of 43.20.

 

  • Resistance levels: 43.20, 43.75, 45.00.

 

  • Support levels: 41.80, 41.40, 40.40.

 

The main scenario - an increase to 43.20.

 

An alternative scenario - a decline to 41.80.

 

The current fundamental outlook is neutral. We consider longs near the level of 41.80.

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