Chart of the day - OIL (30.04.2021)

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.

Source: xStation5

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