🚐Increasing mobility has a positive effect on the oil
Both oil benchmarks are gaining ca. 1.5% today, although at some point crude oil rose by 2%. Prices rebounded thanks to the problems of the US dollar and the prospect of maintaining stimulus by the Fed. In addition, some speculation has emerged that Chinese authorities may introduce targeted support to key sectors such as manufacturing and infrastructure. Nevertheless, a key factor that is likely to affect the medium and long-term prospects for the oil market is increasing global mobility also in China, despite the recent introduction of new restrictions. The rebound in mobility is not very significant yet, but it gives hope for an improvement in the demand situation in the coming weeks.
WTI is testing the $ 66.50 level which coincides with the 50.0% retracement of the last upward wave. It is a key area of resistance which previously acted as support. We also have a potential breakout of the downtrend line. Source: xStation5
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Global mobility data shows minimal improvement. The share of cities where the decline in mobility was greater by 20% is decreasing. Source: ExanteData, Tomtom, Twitter
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