Brent and WTI are already recording weekly gains, following a strong sell-off at the beginning of the week
On the weekly charts of both Brent and WTI crude oil, we see that the potential hammer candlestick pattern is forming as the losses from the beginning of the week have been erased. It is worth mentioning that the sell-off took place after the OPEC + agreement was reached to further restore production, although in the medium term, the new agreement may be treated positively for the oil market. Crude oil gains in the second part of the week follow the rebound in the stock market, which is no longer concerned about the strong increase in the number of coronavirus cases or inflation. The European Central Bank kept its dovish stance and the same is expected of the Fed on Wednesday. It is also worth noting that the dollar's recent strength does not weigh on the oil at this point.
Brent crude oil is recovered from this week's losses and is gaining ground today. Source: xStation5
