OIL EDGES UP | Market outlook

TVC:USOIL   CFDs on WTI Crude Oil
  • Oil prices edged higher on Friday and for the week after a strong recovery from Mondays steep slide, underpinned by expectations that supply will remain tight through the year.

  • Currently, the market is under the influence of opposite factors. Investors are alarmed by the growing incidence of the delta coronavirus, which could lead to new blockages and put pressure on global energy demand.

  • On the other hand, several experts believe that oil consumption will continue to grow soon, despite the increase in production by the OPEC+ countries, which is illustrated by the gradual reduction of oil reserves in the United States.

Technical Analysis
We will likely see one final drop before upside continuation. And it's recommended to buy the dips around 62 area and Sell around the rally around 73 zone. Above 76 we will likely see market make new highs.
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