Oil prices nudged up on Monday, with Brent futures set to post a fifth straight monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-COVID levels in a well supplied market . Brent is set to close out August with a fifth successive monthly price rise, having peaked at $46.23 a barrel on Aug. 5, the highest level since March. WTI is on track for a fourth monthly rise, reaching $43.78 a barrel on Aug. 26 when Hurricane Laura struck. Oil markets largely shrugged off the hurricane’s impact on Friday as energy companies continued efforts to restore operations at U.S. Gulf Coast offshore platforms and refineries shut before the storm. A weak U.S. dollar has supported oil prices even though fuel demand has struggled to recover amid the coronavirus pandemic and supplies remain excessive, although crude may face hurdles going forward. China’s crude imports in September are set to fall for the first time in five months as record volumes of crude are stored in and outside of the world’s largest importer, data from Refinitiv and Vortexa showed. Higher oil and gas prices are also encouraging U.S. producers to resume drilling as the country’s oil and gas rig count rose by three to 254 in August, according to data from energy services firm Baker Hughes Co.
TREND : BULLISH
Time : 31/08/2020
Pivot : 43.08
Technical View : LONG ABOVE 43.28
Target : 43.41, 43.48, 43.58, 43.71
Technical View : SHORT BELOW 42.88
Target : 42.82, 42.68, 42.44, 42.22