CRUDE OIL: CRITICAL $52.0 PRICE THRESHOLD MAINTAINS
Markets started weak this week with the decrease in uncertainty regarding the USA's stimulus package, putting pressure on the crude oil prices side. However, on the second trading day of the week, after the weekly crude oil stocks decreased by 5.3 million barrels, the commodity, which was in the slight withdrawal movement, was priced above $ 52.50 again.
While there is a slight increase expectation for the official stocks announced yesterday in the USA, it is seen that the stocks have decreased by a significant rate of 9.9 million barrels. Although this development somewhat limited the weakening of oil prices, the data was not enough to counteract the weak risk appetite in the markets.
After the declining inventory data, if crude oil, which maintains its appearance above the 52.50 level, closes above the 54.30 level, it can be expected that the purchases will accelerate with the resistance levels of 56.0 and 57.60. However, with a possible close below 52.50, dips are likely to accelerate their attacks to the 50.52 and 49.30 support levels.