Oil rises on economic optimism.
Oil under the bullish pressure today – continuing the persistent uptrend – supported by an OECD forecast for on global economic recovery and by OPEC+ oil output curbs. The global economy is set to rebound with 5.6% growth this year and expand 4% next year, the Organisation for Economic Cooperation and Development (OECD) said in its economic outlook – which immediately added to the bullish pressure on oil on the expectation of the demand expansion due to the mass vaccinations programmes undergoing globally. Its previous forecast had been for growth of 4.2% this year. In addition to this, Saudi Foreign Minister Prince Faisal bin Farhan Al Saud today that Saudi Arabia and Russia are keen for fair oil prices and will continue their cooperation in the framework of the OPEC+ group – which also adding to the bullish pressure on oil.
Expect buyers on downward corrections.
Next resistance to watch – 70.0
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