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Oil prices are holding around 5-day highs

In Asia, oil prices traded in the red after Reuters reported that OPEC + countries had left their plans to gradually increase oil production unchanged. Investors fear that an increase in production amid a worsening epidemiological situation in India, Japan and other Asian countries could lead to a significant slowdown in the recovery in demand.

 

At the same time, OPEC countries previously revised their forecasts for growth in energy demand for 2021 upward. British oil and gas company BP Plc. also expects a strong recovery in demand in the energy market. In the next six months, the demand for crude oil may reach the biggest growth due to the recovery of the EU and US economies.

 

The data from the American Petroleum Institute, which showed an increase in the level of oil reserves for the week by more than 4 million barrels, could also have a negative impact on the market this morning. In the framework of the report published today EIA is expected to increase reserves by 0.66 million barrels.

 

On the chart, the price went up from the 60.80-62.50 channel. We are waiting for the development of an upward movement in the direction of the levels 63.80 and 64.70.

 

  • Resistance levels: 63.80, 64.70, 66.20.

 

  • Support levels: 62.20, 60.80, 59.40.

 

The main scenario is growth in the direction of 63.80.

 

An alternative scenario is a decline below 62.20 and the development of a downward movement to 60.80.

 

The current fundamental background is neutral. We are considering longs from the level of 62.20.

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