New multi-year highs for oil. Brent travels this morning to the new tops from 2019 over $ 73.5 a barrel under the pressure of growing optimism on demand. A similar rise in the order of 1% for the WTI, which is stationed in the $ 71.6 area. The IEA expects a return to pre-pandemic levels of crude oil demand in late 2022.
“The WTI, which broke up the $ 67.8 area is now aiming for the $ 76.6 area, the highest since October 7, 2018. This is a target that can be reached in the coming weeks and which, if broken up, would create the conditions for further hikes towards even more ambitious targets, with the first in the $ 85 area, the highest since 2013. The medium-term support area at this stage remains the $ 68-65 range, a level below which a weakening of the technical framework ”, remarks today Edoardo Fusco Femiano, market analyst of eToro.