Oil prices rise on Monday, fully offsetting Friday losses. The prices are supported by a number of positive news.
Investors respond positively to macroeconomic statistics from Japan and China. Data on GDP and industrial production released today show a gradual recovery in the world's largest economies. Also, China reported high volumes of oil refining in October.
A positive factor for the market was the result of the ASEAN countries' meeting held at the weekend. The participating countries have signed the largest free trade agreement. The agreement should contribute to the growth of trade between the countries.
Good news came from India on Monday. According to preliminary data from the Ministry of Energy, in October, the demand for oil in the country increased by 2.7% compared to the same period last year. This indicator has grown for the first time since February this year.
Today, the market as a whole shows an increased interest in risky assets, which has a positive effect on the dynamics of oil prices.
A pullback movement is developing on the chart. The closest target is the level of 41.25. From this mark, the price is very likely to resume its downward movement.
The main scenario is an increase to 41.25 and a decline in the direction of 39.30
An alternative scenario is a breakdown of resistance at 41.25 and an increase to 42.10.
The current fundamental outlook is moderately positive. We consider shorts from the level of 41.25.
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