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WTI price may go up to $ 50

On Monday oil prices are demonstrating positive dynamics. Investors are responding to reports of U.S. approval of a COVID-19 vaccine and a tanker explosion in Saudi Arabia.

 

On December 11, the FDA approved the use of the COVID-19 vaccine. Co-developed by Pfizer and BioNTech SE. Positive expectations are growing in the market that the vaccination program will help improve the economic situation and increase global demand for fuel.

 

The trading was also positively influenced by reports that a Saudi tanker exploded in the port of Jeddah. According to preliminary data, the explosion occurred under the influence of an "external source". The investigation continues.

 

Investors' interest in riskier assets in general was positively influenced by reports that the UK and the EU agreed to extend negotiations on Brexit.

 

The Algerian Energy Minister announced over the weekend that on January 4, the OPEC + group members will gather to discuss the market situation and formulate a unified behavior strategy for 2021. The OPEC Monitoring Committee will hold a meeting on Wednesday, December 16.

 

The bullish trend remains relevant on the chart. There are no reversal signals yet. We are waiting for the development of the upward movement in the direction of the level 48.40.

 

  • Resistance levels: 48.40, 49.00, 50.00.

 

  • Support levels: 46.70, 44.80, 43.50.

 

Main scenario is growth to 48.40

 

An alternative scenario is a breakdown of support at 46.70 and in the direction of 44.80.

 

The current fundamental outlook is neutral. We consider longs from the level of 46.70.

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