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News of Donald Trump’s Improving Health Leads to More than 2% WTI growth

The price of WTI at the start of the trading session increased by more than 2%. Brent grew by more than 1.75%. Investors are responding positively to reports of Donald Trump's health improvement, as there were conflicting reports about his well-being over the weekend.

 

Attending physicians said the American president could be discharged from the hospital as early as Monday. These announcements have significantly increased investor risk appetite and contributed to the growth of global indices and other risky assets.

It’s important to note that on Friday, oil prices fell more than 4% amid uncertainty over Trump's health, who had a fever in the morning.

 

The oil market could also be positively affected by reports of an expanding strike in Norway, which could reduce the country's production capacity by 330,000 barrels per day or 8% of the total production.

 

Due to the predominance of positive news, oil prices today may fully restore on Friday.

 

A strong upward reversal signal has formed on the chart. Buyers did not allow the price to fall below 37.00. Within the day, we are expecting development of an upward movement in the direction of the level 38.80.

 

  • Resistance levels: 38.80, 39.80, 40.50.

 

  • Support levels: 37.75, 37.00, 36.60.

 

The main scenario - growth from current levels to 38.80.

 

An alternative scenario - a decline below 37.75 and a retest at 37.00.

 

The current fundamental outlook is positive. We consider longs from the levels 37.75 and 37.00.

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