Oil prices today are mostly held in the red trading zone. Traders are responding to the release of stock change API data. Over the week, the level of reserves increased by 1.1 million barrels. Experts had expected a decrease in reserves by 1.5 million barrels. Investors are now awaiting industry statistics from the US Energy Information Administration, which will be released later. Oil reserves are expected to decline by 1.4 million barrels.
At the beginning of the European trading session, buyers were able to win back the losses of the beginning of the day. Traders are responding positively to reports of the COVID-19 vaccine being introduced, hoping that the pandemic can be brought under control. In this case, the world economy will take a sustainable path of recovery, which will be accompanied by an increase in demand for energy carriers.
On the chart, the situation practically did not change during the day. The price is in the middle of the channel 44.80-46.80. Uncertainty remains high enough, since the price with equal probability can continue its upward movement and resume its downward movement. In this situation, trading decisions should be made at the borders of the price channel.
The main scenario is growth to 46.80.
An alternative scenario is a decline to 44.80.
The current fundamental outlook is neutral. We consider longs from the level of 44.80.
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