Oil is confirming its positive momentum with WTI rebounding above $53. Market sentiment remains positive as traders are building further long positions, in a clear bet on the demand side recovering once the vaccinations defeat the virus, putting an end to the lockdown of the last few months. Moreover, the price seems to be supported by the cuts decided by Saudi Arabia just a few hours after the last OPEC+ meeting.
Technically we would have another positive signal if WTI breaks through resistance at $53.90-$54, coming on the back of rebounds above first $52.70 then $53, which already showed there is support for the black gold.
