Analysis Market overview

BRENT overview 24.05.2021

Oil rises on improved risk sentiment.

Oil continues to rise today under the effect of the improved risk sentiment globally as the investors are awaiting the key inflation readings later this week – which would indicate the faster pace of the economic recovery in USA – which would raise oil demand expectations and raise the oil prices further. Another factors adding to the bullish pressure on oil is that a potential obstacle emerged in reviving the 2015 Iran nuclear deal that could add more oil supply – which is a bullish signal for the oil. The speaker of Iran’s parliament said on Sunday a three-month monitoring deal between Iran and the U.N. nuclear watchdog had expired. Still, analysts agree that even if Iran exports are restarted – oil prices will continue to rise due to a vaccine-driven increase in global demand.

Except buyers on downward corrections.

Next resistance to watch – 69.8

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