Oil Rallies to Six-Month High on AstraZeneca’s Vaccine Breakthrough
WikiFX
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2020/11/24 7:35:37
WikiFX News (24 Nov.) - On Monday, WTI crude refreshed the recent high to $43.35 with an intraday gain exceeding 2%. Although the rebound has pushed oil to approach a six-month high of $43.77, market volatility may send uncertainties to oils short-term uptrend.
AstraZeneca said on Monday its Covid-19 vaccine could be up to 90% effective. It has no serious side-effects and is less expensive than the vaccines of Pfizer and Moderna. Such news may mitigate oils downward pressure that arises from restrictions.
At the same time, oil prices will gain additional upsides if OPEC+ announces a delay of three to six months to the planned oil-output increase at the ministerial meeting in December.
Besides, the DXY has embraced a rally as recent data shows a reviving US economy. Nonetheless, investors should be alert to short-term uptrend or uncertainties in oil prices since Brexit has entered a critical phase.
The oil will potentially rebound to $43.50 or even $45.0 in a short period. In the medium term, it is expected to challenge $45.0 or even $50.0 if a firmer footing is effectively established at $39.30. However, a breach below $39.30 may pull it back to $37.50.
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Chart: Trend of WTI Crude
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