Home Gold News Oil prices Climbed On Monday, Recouping Some Losses

Oil prices Climbed On Monday, Recouping Some Losses

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Oil prices climbed on Monday, recouping some losses from the previous session as hopes that OPEC+ will hold current output curbs offset concerns about weaker fuel demand due to rising COVID-19 cases and higher production from Libya.

Figures showing a rebound in the world’s second and third largest economies, China and Japan, also supported prices, along with data that Chinese refineries processed the most crude ever in October on a daily basis.”Fundamentally China’s numbers do support why oil prices can keep at these levels,” OCBC economist Howie Lee said. Both contracts gained more than 8% last week on hopes of a COVID-19 vaccine and that the Organization of the Petroleum Exporting Countries (OPEC) and their allies including Russia will maintain lower output next year to support prices.

TREND : WEAK BULLISH / SIDEWAYS

Time                                      :          16/11/2020

Pivot                                     :         40.53

Technical View                     :        LONG ABOVE 40.73

Target                                   :      40.93, 41.06, 41.17, 41.55   

Technical View                      :       SHORT BELOW 40.33

Target                                   :        40.12, 39.89, 39.68, 39.41

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