- Optimism in markets helps the rise in oil prices.
- Prices retain gains from last week due to a rebound in the market and a negative increase in production.
- WTI barrel at maximum since March.
Oil prices advanced moderately on Monday, most importantly holding on to gains made last week. The barrel of WTI reached levels not seen since March.
A better mood in markets is contributing to the rise in oil. Wall Street does not operate on Monday because it is a US holiday, but futures are in the green and in Europe the main gains are up 0.35% on average. The expectation of less restrictions in China contributed to the prolongation of the rally on Wall Street.
The WTI barrel price (trading platforms) rose to $115.20, the highest level since March. It then pulled back quickly finding support at $114.10.
The price bias remains clearly bullish. With price starting to confirm the breakout of the $112.00 zone, which had been a major barrier recently. Conversely, back below $112.00 would be a negative signal and possible exhaustion. A further pullback could be expected, initially towards the 20-day moving average around $107.70.
Technical levels
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
