Analysis Market overview

BRENT overview 20.11.2020

Oil rises on vaccine hopes.

Oil continues to rise – expected to post the third consecutive weekly gain – largely under the market expectation that fuel demand will be saved due to the vaccine rollout being planned earlier than was expected a month ago. Prospects for effective COVID-19 vaccines and hopes OPEC+ will continue to curb oil production have brightened oil sentiment this week. Concerns about oil demand are now giving way to hopes of economic recovery due to the imminent rollout of vaccines being planned in Europe and USA. Oil prices are also rising on signs of progress in a stimulus deal in USA after Senate Republican Majority Leader Mitch McConnell agreed to resume discussions on providing more COVID-19 relief.

Expect buyers on downward corrections.

Next resistance to watch 45.35

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