Oil up 1%, to $ 74.20 a day
Yesterday’s decline came after the price tested the peaks of 2018, which may have justified taking profits. But we see that fallen buyers are stepping in quickly as oil has now rebounded 1% to $ 74.20 and risen above the 200-hour moving average ($ 74.12).
More broadly, there is still a strong argument that oil maintains higher levels, but we must now be careful about making a profit when approaching technical levels.
Looking at the OPEC + issue between the whole of the UAE and Saudi Arabia, I do not see it as a stumbling block, even if an agreement is reached.
There has been quite a bit of time on the market to digest it all, and the stalemate will finally be resolved when the theaters, of course, play. However, since it is “known unknown”, any large-scale reaction to this path is likely to be purchased.