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Oil grows by more than 2%

Brent and WTI rose more than 2.3% today in response to news of Joe Biden's victory in the US elections. There is an increased risk appetite of investors in the market.

 

Oil traders are hoping for a quick implementation of a new stimulus package in the US, which will positively affect the level of demand for energy in the US. US President-elect Biden and his team are working on a program to tackle the deepening health crisis.

 

According to Sunday's Reuters data, the United States became the first country in the world to have the total number of people infected with COVID-19 exceeding 10 million.

But the mid-term outlook for the oil market looks more uncertain. The new US president could ease economic sanctions against Iran and Venezuela, which will lead to an increase in oil production in these countries. In addition, Biden advocates the development of alternative energy sources, which can also negatively affect the development of the oil sector.

 

Negative news for the market today came from China, according to the latest data, oil imports to the country in October fell by 12% compared to September. China may have nearly depleted its available oil storage reserves.

 

Bullish signals predominate locally on the chart. Today we are waiting for the growth of quotations to the nearest strong resistance at 39.30.

 

  • Resistance levels: 39.30, 39.90, 40.65.

 

  • Support levels: 37.45, 36.60, 34.75.

 

The main scenario - growth to 39.30.

 

An alternative scenario - a breakdown of the support at 37.45 and a decline to 36.60.

 

The current fundamental outlook is moderately positive. We consider longs near the level of 37.45.

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