On Monday, WTI crude refreshed the recent high to $43.35 with an intraday gain exceeding 2%. Although the rebound has pushed oil to
approach a six-month high of $43.77, market volatility may send
uncertainties to oils short-term uptrend.To get more news about
WikiFX, you can visit wikifx official website.
AstraZeneca said on Monday its Covid-19 vaccine could be up to 90% effective. It has no serious side-effects and is less expensive than the
vaccines of Pfizer and Moderna. Such news may mitigate oils downward
pressure that arises from restrictions.
At the same time, oil prices will gain additional upsides if OPEC+ announces a delay of three to six months to the planned oil-output
increase at the ministerial meeting in December.
Besides, the DXY has embraced a rally as recent data shows a reviving US economy. Nonetheless, investors should be alert to
short-term uptrend or uncertainties in oil prices since Brexit has
entered a critical phase.
The oil will potentially rebound to $43.50 or even $45.0 in a short period. In the medium term, it is expected to challenge $45.0 or even
$50.0 if a firmer footing is effectively established at $39.30. However,
a breach below $39.30 may pull it back to $37.50.
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