While resurgence of virus cases in India is raising some concerns over the outlook for global recovery, most of the developed world is making significant progress when it comes to vaccinations. Goldman Sachs expects oil demand recovery over the next six months to beat all the expectations and allow Brent (OIL) price to rally towards $80 per barrel.
OIL caught a bid yesterday and managed to make an intraday break above the $68.00 mark, reaching the highest level since March 17. However, bulls failed to hold onto these gains and the price pulled back below the resistance zone at $68.00. Should the pullback deepen, the nearest support level to watch for OIL can be found at $66.50.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
