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Oil prices renewed multi-month highs

Oil prices rose today to new multi-month highs. Brent tested the $ 60 mark and tested the $ 57.50 level. Investors are responding positively to the efforts of the OPEC countries to reduce the volume of energy supplies to the market and news of the implementation of a new program to help the US economy.

 

In early January, Saudi Arabia committed itself to cutting oil production in February-March by 1 million barrels. in a day. Other OPEC + countries also adhere to the established production quotas. Compliance with restrictions helps to maintain a balance between supply and demand in the market, stimulating further growth in energy prices.

 

The market is also positively influenced by reports that the Democrats will launch the process of adopting a bill on new measures to stimulate the US economy this week. The program is expected to contribute to a faster economic recovery and energy demand.

 

Also last week, Saudi Arabia announced that prices for oil supplied to Asian countries will remain unchanged. Prices were expected to drop slightly.

 

Baker Hughes Co. data released on Friday, which showed an increase in the number of active rigs to the highest level since May 2020, may have a negative impact on trading. These data indicate a possible increase in the level of oil production in the United States in the future.

 

The bullish signals continue to dominate the chart. The price is now testing the level of 57.50 for strength. In case of a breakdown of this mark, we can expect the growth of quotations towards the level of 59.00.

 

  • Resistance levels: 57.50, 59.00, 60.00.

 

  • Support levels: 56.30, 55.00, 52.00.

 

The main scenario is a rollback to 56.50 and renewed upward movement.

 

An alternative scenario is a breakdown of the resistance at 57.50 and growth in the direction of 59.00.

 

The current fundamental outlook is moderately positive. We are considering longs on a pullback to the level of 56.50.

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