Brent rises above 50$ rises on vaccine optimism.
Brent under bullish pressure today as the markets are continuing to look through the immediate economic impact of the tighter lockdowns across Europe and USA and toward the start of the economic recovery in the second half of the next year on hopes the mass vaccination will finally build the herd immunity that was so talked about in the last few months. The general expectation of the oil traders is that the current economic slowdown is temporary in nature and will continue to be eclipsed away by the growing spread of Covid-19 immunity – leading to more stable and more prolonged demand for fuel in the next year.
Expect buyers on downward corrections.
Next resistance to watch – 50,90
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