Oil rises on stronger demand outlook.
Oil continues to rise – in line with the persistent multi-month uptrend – as a stronger demand outlook and signs of economic recovery in China and the United States outweighed the effect of rising COVID-19 infections in the other economies. Oil deman expectations grew after China’s first-quarter gross domestic product jumped 18.3% year on year and reports showed a rise in U.S. retail sales and a drop in unemployment claims. Another factor supporting the oil prices are the New U.S. sanctions imposed on Russia, one of the world’s top oil producers. This is on top of the OPEC making upward revisions to oil demand growth forecasts for 2021.
Except buyers on downward corrections.
Next resistance to watch – 69.45
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