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

Oil prices Climbed On Monday, Recouping Some Losses


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.


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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