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Oil prices rise after the publication of data on reserves from the API

On Wednesday, Brent and WTI are trading in the green after the publication of unexpectedly very positive data on oil reserves from the API.

 

According to the report presented for the week, oil reserves in the country fell by more than 8 million barrels. This data increases the chances that more positive data will be released in the framework of the EIA report released today. Experts predicted an increase in reserves by 0.89 million barrels.

 

Investors are encouraged by reports that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a Russian-led group, may renew the current agreement to limit production. Earlier, Algeria, which this year presides over OPEC, Saudi Arabia and Russia announced their intention to extend the agreement until 2021.

 

News related to the spread of the coronavirus pandemic continues to have a negative impact on the market. Restrictive measures in the EU countries and a number of US states will have a negative impact on the level of consumption of fuel and other energy carriers.

 

Today, the main focus of the market will be on the results of the US presidential elections. So far, both candidates have received the same number of electoral votes.

On the chart, the price tested the resistance at 39.00. We are waiting for the formation of a pullback movement to 37.80, after which the upward movement can be resumed.

 

  • Resistance levels: 39.00, 39.90, 40.65.

 

  • Support levels: 37.80, 36.60, 34.75.

 

The main scenario is a pullback to 37.80 and an increase to 39.90.

 

Alternative scenario is a breakdown of 39.00 and growth to 39.00 from current levels.

 

The current fundamental outlook is moderately positive. We consider longs near the level of 37.80.

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