Oil prices rise on weaker dollar, likely drawdown in US stocks
Trader reaction to $63.47 is likely to decide the course of June WTI crude oil early Tuesday, based on Monday's trade.
Singapore well known as the world largest oil consumer has been limited because of the high coronavirus cases in Asia.
At 0415 GMT, Brent crude futures for June delivery were up 54%, or 0.8%to 67.59$ /barrel.
WTI crude futures for May delivery, which expire on Tuesday, were up 53 cents, or 0.8 percent, to $63.91 barrel. The more active June contract was up 0.8 percent, or 50 cents, to $63.93.
If the dollar falls in value, buyers who use other currencies pay less for dollar-denominated crude.
Meanwhile due to this news dimmed hopes for a long term global recovery.
Daily swing chart technical analysis:
· On a trade 66.15$ they key trend will shift to the upside (according to daily swing chart)
· The resumption of the downtrend would be signaled by a jump through $57.29. (according to daily swing chart)
· A move through the minor top at $63.94 indicates that the buying is becoming more strong (according to small upward trend)
· 51.04 to $67.29 is the key range
· Support is seen in the retracement range of $59.17 to $57.25. At $57.68 and $57.29, this zone recently stopped selling.
· $67.29 to $57.29 is the short-term range.
· In the last four sessions, the market has been checking its retracement zone at $62.29 to $63.47.
· The short-term direction should be determined by trader reaction to this region.
· Trader reaction to this region should decide the short-term course.