- Oil prices accumulate a rebound of almost 10% from last Thursday’s low.
- Rises continue on Tuesday supported by good news from China.
Equity and several commodity markets are rising on Tuesday, supported by an easing of China’s COVID-related tightening measures, which improves growth expectations.
From last week’s floor, the price of a barrel of WTI accumulates a rise of almost 10%. On trading platforms the price is trading around $110.00, having hit $110.47, the highest in a week.
Strong resistance is seen between $110.50 and $110.75, so if it asserts above, oil could extend the rally further. Now the $109.00 area has become relevant support.
G7 leaders are evaluating alternatives to further limit Russia’s oil revenues. Among the possibilities is a price cap for Russian crude.
Technical levels
Source: Fx Street
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