Oil market has closed Tuesday’s session with slight decline reacting on unexpected resignation of U.S. President national security adviser John Bolton.
Bolton was the chief architect of Mr Trump's hard-line stance on Iran and Venezuela. And his dismissal may signify that USA might ease sanctions against those countries. Now investors await for the news on who is going to replace John Bolton taking the office of President’s national security adviser.
Today release of OPEC’s monthly report is also expected.
On the chart the main trading still goes at the area of 62.30 level. Gaining a foothold above this mark will provide buyers with very good conditions for further development of upward movement in direction of the 64.70 and 66.60 levels.
Resistance levels: 62.60, 64.70, 66.60;
Support levels: 61.80, 59.30, 57.50.
Main scenario: Stabilizing above 62.30 and growth towards 64.70.
Alternative scenario: Break of support at 61.80 and decline towards 59.30.
Moderately-positive fundamental background is maintained on the market. Bullish signals prevail on the chart locally. In short-term we give preference to long-positions from the 61.80 level.