- Oil price maintains the upward bias and reaches maximums since the beginning of September.
- Optimism in the market favors risk assets and puts pressure on the dollar.
The price of oil in its variants is rising on Monday, in line with what happens in the bags, driven by new developments in the coronavirus vaccine. The price of a barrel of WTI climbed to $ 43.30, this being the highest level since September 1. Then it moderated the advance and is trading just below $ 43.00.
The Wall Street futures point to a positive open with gains in the order of 0.55% on average. In Europe, the main places rose around 0.40%. The positive tone is the main support for the advancement of the WTI.
The other key leg for the raises is the weakness of the dollar. The greenback is falling on all fronts. DXY is at the lowest level in weeks and testing the 92.00 area.
From a technical point of view, the WTI price is close to a key resistance zone. The first is the $ 43.00 area and a confirmation above would enable a test at $ 43.80, the August high and the peak since the rebound that began in April. The break of that level would strengthen the bullish outlook. In the opposite direction, below $ 39.90 a bearish extension would be expected.
Technical levels
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