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