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Oil prices continue to decline

On Monday, oil prices are in the red due to growing concerns about the prospects for market development in the context of a worsening epidemiological situation in the world.

 

The rise in new infections worldwide raises doubts as to how long current energy demand will last. Investors are now focused on China, where 109 new cases of the virus were reported on January 17. Investors fear a new outbreak of the pandemic in this country and other regions of Asia. More than 28 million people are currently in isolation in China. Thus, the country's authorities are trying to avoid a new outbreak of the virus.

 

Investors are pinning high hopes on China. According to the results of the 4th quarter, the annual GDP growth was 6.5%, against 4.9 previously. The data point to further increases in energy production and consumption, but a new wave of the pandemic could change those prospects.

 

Additional pressure on the market is exerted by data on drilling activity in the US. Amid rising energy prices, American companies have been increasing the number of active drilling rigs for the eighth week in a row, gradually increasing production.

 

Within the day, watch the level of 52.45. If the price rises above this mark, buyers can expect further growth to 53.15. If the level of 52.45 cannot be overcome, we consider the scenario with a decline to 51.30 as a priority.

 

  • Resistance levels: 52.45, 53.15, 54.00.

 

  • Support levels: 51.30, 50.00, 48.00.

 

The main scenario is an increase to 53.15 and a downward reversal.

 

An alternative scenario is a decline from 52.45 to 51.30.

 

The current fundamental outlook is neutral. We consider shorts from the levels of 42.45 and 53.15 (more preferable).

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