Brent rises to its highest level since March.
Brent continues to rise on the continued risk improvement seen across the global commodity markets today as the investors are looking past short-term economic damage from the COVID-2019 pandemic to a better 2021. Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets- with the demand expected to soon pick up after the mass vaccination is which is soon to be performed in Europe and across USA. This is helping the markets to dismiss the latest reports of still increasing numbers of the Covid infections in Europe and USA. The earlier breakout of the key resistance level 46.50 also added to the bullish pressure on Brent.
Expect buyers on downward corrections.
Next resistance to watch – 50.00
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