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Oil was Up on Monday , Following News that China Plans to Increase Imports of U.S. Crude

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Oil prices climbed higher on Monday, lifted by China’s plans to ship in large volumes of U.S. crude in August and September, outweighing concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies. Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and September, Reuters reported on Friday, as China ramped up energy and farm purchases ahead of a review of the Sino-U.S. trade deal. Record crude imports from world’s top importer China and the easing of COVID-19 restrictions globally have supported oil prices, although new waves of coronavirus outbreaks in several countries are expected to cool consumption again. Investors are looking for more clues on future supply from a meeting this week of a panel representing ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+. The meeting of the panel has been pushed back to Aug. 19, a day later than previously planned.

TREND : WEAK BULLISH / SIDEWAYS

Time                                      :           17/07/2020

Pivot                                      :           42.29

Technical View                     :             LONG ABOVE 42.49

Target                                   :            42.63, 42.68, 42.87, 42.96

Technical View                     :             SHORT BELOW 42.09

Target                                   :            41.99, 41.89, 41.75, 41.61

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