The oil price has been lifted in the last few weeks by expectations of a quick economic recovery and more recently by the drawdown of oil inventories and expectations for a vaccine against Covid-19. This morning, despite reductions in cuts by OPEC+ cuts, oil is holding on to $41.
From a technical point of view, we are in a crucial phase for the WTI price, which is challenging the resistance zone at $41.50. A clear surpass of this level could open space for further recoveries, while at this stage there is still no clear signal of an imminent correction as “risk on” remains dominant on markets.
