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The oil rate is stalling around $ 55

Since the beginning of the correction from the highs above the level of $ 57 per barrel, oil has been tending to the $ 55 mark, around which it has been oscillating in recent days, I resist the pressure from sellers as much as possible. Having met support at $ 54.50 yesterday, Brent is showing a slight bullish bias in early trading on Tuesday. After the rally stalled last week and futures began to develop a downward pullback, the price decline has slowed and is sending clearer signals to enter consolidation mode. in the emerging lateral channel. Fundamental factors also speak in favor of the implementation of such a technical scenario. On the one hand, uncertainty about the ongoing pandemic and the pace of vaccine introduction, coupled with a strong dollar, is limiting price upside potential, putting pressure on the market. On the other hand, judging by the restraint of sellers, market participants still hope for a recovery in the economy and, accordingly, in energy consumption. Today, a militant mood prevailed in the Asian markets, investors are showing interest in risk in anticipation of Biden’s inauguration. This could help Brent position itself above the $ 55 level in the short term, but upside potential looks limited anyway .___________________ Arseniy Dadashev, Director, Academy of Financial and Investment Management

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