Monday oil prices experienced a minor decline. Today, oil prices are located in a narrow horizontal range. There is practically no news that could have an impact on the market dynamics. Investors almost took a cue from the OPEC+ meeting. The reaction was very restrained due to expectations that some countries (primarily Russia) would not fully comply with the terms of the agreement to limit oil production.
Sino-American trade relations uncertainty still restrains the market. The risk of the new American duties introduction of and the consequential aggravation of relations between the countries remains high. Major stock indexes remain in the red trading zone. The demand for risky assets is declining, which will exert pressure on oil quotes locally.
Regarding the chart, buyers unsuccessfully try to overcome the resistance at the level of 64.00. Most likely, in the near future we should expect the formation of a corrective movement in the direction of the level of 62.50.
· Resistance levels: 64.00, 65.00, 68.00;
· Support levels: 62.50, 60.00, 58.50.
The main scenario - a correction towards the level of 62.50.
An alternative scenario - a consolidation above the level of 64.00 and growth towards 65.00.
The fundamental outlook is moderately negative. Within the daily framework, we consider sales from the level of 64.00