Oil rises on risk-on sentiment.
Oil continues to rise further – continuing the persistent multi-month uptrend on a fresh peak of optimism about the rollout of COVID-19 vaccines and hopes U.S. stimulus will boost the economy and fuel demand globally. The latest data from UK and USA is showing the mass vaccination programmes are having the substantial effect on the covid-19 infection rates which opens the way to the subsequent easing of the lockdown restrictions and the resultant increased demand for oil in the near term. The latest tensions in the Middle East also added to the bullish pressure on Brent after a Saudi-led coalition in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned extremist group.
Expect buyers on downward corrections.
Next resistance to watch – 65.00
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