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Oil rises in price after the publication of optimistic statistics from China

The oil market continues to move up. OPEC + restrictions and global stimulus measures support the rise in energy prices, despite the fact that the level of demand remains below pre-crisis levels due to restrictions associated with the coronavirus pandemic.

Today, the oil price is supported by positive statistics from China and the general optimistic sentiment on stock exchanges. At the same time, investors ignore reports of the reopening of many drilling platforms and processing plants in the Gulf of Mexico. After a temporary decline, production in the US might recover quickly.

 

The USD dynamics continue to have a positive impact on oil and other commodity assets. The dollar index has reached trading at lows of May 2018.

 

Saudi Arabia's Energy Minister Prince Abdel Aziz bin Salman Al Saud said over the weekend that Saudi Aramco has discovered two new oil and gas fields in the north of the country.

 

A moderate upward movement continues to develop on the chart. The upward pressure to the 43.75 level is increasing. In the near future, we expect a breakdown of this mark.

 

  • Resistance levels: 43.75, 45.00, 46.00.

 

  • Support levels: 42.80, 42.40, 41.80.

 

The main scenario - a breakdown of resistance at 43.75 and further growth.

 

An alternative scenario - a breakdown of the support at 42.80 and a decline to 42.40.

 

The current fundamental outlook is moderately positive. We consider longs from the level 42.80

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