- WTI goes up for the seventh session in a row.
- A firm break above $ 57.00 places the price at the highest level since January 22, 2020.
Oil is rising 1%, and with this it is obtaining the seventh consecutive daily rise. The WTI barrel continues to seek a new level of balance. On Monday it reached $ 57.65, the highest in a year.
The oil rally continues to be supported by inventory data, the expectation of a recovery of the demand and in the coordination of cuts in production. The European benchmark oil, Brent exceeded $ 60.00 for the first time in a year.
Compliance with the cuts established by the Organization of Petroleum Exporting Countries and its allies is close to 100%, contributing to the rise.
This week they will meet API stock data and US EIA, that will be closely followed. In addition, the market will continue to look at the coronavirus figures and the impact of vaccination. Another key factor will be what happens in the bags. On Wall Street on Monday, futures point to a positive open with gains of around 0.4% in the main indices.
The slight rise in the dollar on Monday, with the DXY climbing above 91.20, it is not holding back oil prices. In the run-up to the opening of the American markets, the WTI operates near the highs around $ 57.50.
Technical levels
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