Oil is actively strengthening in November. The active bullish trend continued at the beginning of the new trading week. Brent fixed above $62.0 per barrel and continues to grow. Buyers are trying to break the level of $62.6, but they have failed so far. The local support is located in the zone of $61.5-62.0. The price is likely to move there in the short term.
Locally, the quotes are supported by optimistic expectations for a trade deal between the US and China. Beijing commented on Monday that Xi Jinping and Donald Trump are in constant contact via various means of communication.
OPEC has released the annual report World Oil Outlook (WOO) 2040. Due to stress factors in the global economy and negative forecasts for its growth rates, OPEC analysts believe that world oil demand will increase by 11.9% from 2018 to 2040, up to 110.6 million bpd. This is 1.1 million barrels below last year's estimate. A downtrend is expected after 2020, while by 2024 the demand will amount 104.8 million bpd, which is by 6.1 million barrels more than in 2018.