- Oil prices are boosted on Monday despite low stock markets.
- Expectation of a possible cut by OPEC + helps the rises.
Oil prices are rising on Monday despite the gloomy mood in financial markets. The increases exceed 2.50%, with some at maximum in weeks. In this way, they extend the recovery from the lows in months reached two weeks ago.
The advance is being supported by the expectation of a cut in production of the Organization of Petroleum Exporting Countries and allies. In addition tensions in Libya They serve to give more support.
On Wall Street, the dow jones is down 0.53% and the Nasdaq is down 0.32%, both a long way from daily lows. Although they have trimmed losses, the declines follow a black Friday.
The barrel of WTI (trading platforms) is at a maximum since the beginning of the month trading at 95.70$, looking at $96.00. The next resistance can then be seen around $96.75. In the event of returning below $93.60, oil could lose momentum, although just after losing $90.60, where the 20-day moving average is, the bias would turn negative.
Technical levels
Source: Fx Street
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