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Oil prices are recovering

Today in Asia, oil rose slightly, reducing the losses of the previous session, but the dynamics of the dollar movement and moderately negative sentiments of investors on stock markets continue to have a restraining effect on the market.

 

The market ignored the API data as the main focus is now on the OPEC + meeting, which will be held tomorrow. According to the report for the week, the level of oil reserves in the United States rose by 3.91 million barrels. Supply figures from the US Energy Information Administration are due to be released later in the day. Inventories are forecast to rise by 0.1 million barrels.

 

Investors expect OPEC + countries to extend current production restrictions due to a weak recovery in energy demand. Indirectly, these expectations are confirmed by the reports of some information sources. It is reported that Saudi Arabia supports the initiative to extend the current restrictions on production, including a voluntary cut in the amount of 1 million barrels.

 

On the chart, buyers kept the price above the 60.00 level. This is a positive signal for the market. Today we can see the development of a moderate upward movement towards the level of 61.85.

 

  • Resistance levels: 61.85, 63.40, 66.20.

 

  • Support levels: 66.00, 57.20, 55.35.

 

The main scenario is growth to 61.85.

 

An alternative scenario is a decline from current levels to 60.00.

 

The current fundamental background is neutral. We are considering longs from the levels of 60.50 and 60.00.

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