Oil market has closed trading session on Monday almost unchanged. Traders expect OPEC meeting which is due next week. Most likely the cartel will take decision on extension of the production cuts agreement to stabilize situation on the market during lowering global demand for energy.
On the chart situation remained virtually unchanged over the past 24 hours. Trading goes in a tight range in the vicinity of 62.50 mark. Main scenario is still a break of this level and development of upward movement in direction of 64.00 mark.
Resistance levels: 62.90, 64.00, 65.00;
Support levels: 62.00, 61.15, 60.00.
Main scenario: Stabilizing above 62.50 and growth towards 64.00.
Alternative scenario: Break of support at 62.50 and decline towards 61.15.
Fundamental background is moderately-positive. Bullish signals prevail on the chart. We consider long-trades from the 62.20 level.