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BRENT overview 04.05.2021

Oil rises on demand growth optimism.

Oil continues to rise under the effect of growing expectations across the oil traders that the reopening of the European economies and of the USA economy will offset the current dire infection tsunami undergoing in India. Traders expect the demand for oil to continue to grow after more U.S. states eased lockdowns and the European Union sought to attract travellers – proposing the lifting of of the travel restrictions for all vaccinated travellers – which should have a very strong effect on reviving the local economies across the continent and – drive oil prices even further up. This is helping to offset concerns over fuel demand in India as COVID-19 cases soar.

Except buyers on downward corrections.

Next resistance to watch – 69.5

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