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Oil prices show mixed dynamics

Oil prices are showing mixed trading dynamics on Monday. WTI rose 0.2% on reports of a new hurricane in the Gulf of Mexico, and Brent is under moderate pressure after reports that Libya is ready to resume oil supplies to the global market.

 

Over the weekend, some oil companies were again forced to mothball their production platforms and evacuate workers due to the gathering force of Hurricane Sally, which was assigned with a second category.

 

Libyan General Khalifa Haftar has promised to lift the months-long blockade of oil facilities in the country. Investors are reacting negatively to these reports as lifting the blockade on oil fields and Libyan ports will lead to an increase in oil supplies to the world market, where there are difficulties in recovering demand for energy.

 

Against the backdrop of these reports, the multinational oil and gas company BP Plc published a report according to which world oil demand may never recover to pre-crisis levels. According to the company's experts, the era of stable growth in oil demand is over.

 

Last week, buyers were able to keep the price above the 37.30 level. In the coming days, we expect the development of a moderate upward movement in the direction of the levels 38.70 and 39.50.

 

  • Resistance levels: 38.70, 39.50, 40.50.

 

  • Support levels: 37.30, 36.60, 36.20.

 

The main scenario - growth to 38.70.

 

An alternative scenario - a breakdown of the support at 37.30 and a retest of the level of 36.60.

 

The current fundamental outlook is neutral. We consider longs near the level of 37.30.

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