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WTI price rose above $ 66

On Wednesday, Asian oil rose on a significant drop in US oil inventories and growing expectations that economic recovery in the US and Europe will boost fuel demand. The market continues to be constrained by reports of a growing number of people infected with COVID-19 in some Asian countries.

The American Petroleum Institute (API) US crude oil supply data showed that in the week ending April 30, oil inventories fell by 7.688 million barrels, the largest decline since late January 2021.

Investors are now awaiting data on the supply of crude oil from the US Energy Information Administration, which will be published at a later date.

Investors continue to gamble that the rapid pace of vaccinations in the US and Europe and the gradual easing of quarantine measures will help a rapid recovery in energy demand.

On the chart, the price is testing the very strong resistance level 66.20. While the bulls cannot gain a foothold above this mark, therefore, as a priority, we consider the scenario with the development of a rollback movement in the direction of the 65.20 level.

  • Resistance levels: 66.20, 67.40, 68.00.
  • Support levels: 65.20, 64.30, 63.20.

The main scenario is a decline to 65.20.

Alternative scenario - consolidation above 66.20 and growth in the direction of 67.40.

The current fundamental background is neutral. We consider short-term sales from the level of 66.20.

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