Chart of the day - OIL.WTI (05.03.2021)

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Oil prices started to recover from early-week's declines on Wednesday and the upward move has accelerated significantly yesterday. OPEC+ meeting can be named as a reason. Oil producers decided to leave output unchanged in April while allowing Russia and Kazakhstan to slightly boost production. On top of that, Saudi Arabia decided not to withdraw its voluntary cut yet. Markets feared that OPEC+ may decide to start phase out output cuts but no such thing happened and oil rallied. Brent tested $68 per barrel today, the highest levels since early-January 2020. WTI tested $65 per barrel, its pre-pandemic high.

Oil has resumed upward move after a recent downward correction. Freezing output at current levels has encouraged bulls to push prices higher. OIL.WTI tested $65 resistance earlier today but failed to break above so far. In case we see a break above the $65 zone, the next resistance to watch can be found at $73 - a local peak from May 2018. On the other hand, failure to break above this resistance may trigger a pullback towards recent local low at $59. Source: xStation5

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