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Optimism around a vaccine kept Oil prices higher – US OIL Market Outlook – 02/07/2020

SquaredFinancial

Fears of stalling economic recovery as the US / California recorded almost 50,000 cases (the biggest one day spike since the start of the pandemic) kept higher WTI prices under pressure after EIA data registered the biggest drawdown in stockpiles this year and OPEC delivered on its promised production cuts despite non-compliance by some members. Optimism around a vaccine and better than expected labor data could push WTI to recent highs, contingent on an hourly close above $40.

Support: 39.27 / 38.70
Resistance: 40/ 41

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/optimism-around-a-vaccine-kept-oil-prices-higher-us-oil-market-outlook-02-07-2020
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