8:11 AM · 2 April 2020

Oil gains as China plans to stock up reserves

Significant price gains can be spotted on the oil market today. According to a Bloomberg report, China plans to stock up Strategic Petroleum Reserves. Beijing wants to fill up reserves as quickly as possible in order to lock in very low crude prices. OIL is trading 6.8% higher while OIL.WTI gains 4.8%

Brent (OIL) managed to bounce off the support zone at $25 and rally. Should upbeat moods prevail, resistance at $31 may come into play. Source: xStation5

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