untitled design

WTI climbs to 3-month highs above $ 43.00

  • WTI prices rise and retake $ 43.00.
  • Growing hopes of a recovery in demand for crude oil support prices.
  • API, EIA weekly reports below on the economic calendar.

Crude oil prices they extend the upside to the beginning of the week and motivate WTI to break above the $ 43.00 per barrel level in early trading.

WTI attentive to the pandemic, demanda

WTI barrel prices advance for the fourth consecutive session on Monday, as sentiment among traders remains underpinned by prospects for increased demand in the coming months.

The vision of a rebound in demand for oil has been exacerbated of late in response to auspicious news about the imminence of a coronavirus vaccine along with hopes for a “V” shaped recovery in the global economy.

In addition to the optimistic mood, OPEC + is expected to postpone its planned downsizing until at least March 2021.

Later in the week, both the API and the EIA will release their regular weekly report on crude reserves on Tuesday and Wednesday, respectively.

Technical levels

At the moment, a barrel of WTI is up 0.85% to $ 42.78 and faces the next hurdle at $ 43.34 (November 23 monthly high) seconded by $ 43.75 (August 26 monthly high) and $ 48.39 (monthly high). March 4). On the downside, a breakout of $ 40.12 (Nov. 16 weekly low) would target $ 39.61 (55-day SMA) and then $ 37.09 (Nov. 6 low).

.

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular