Oil prices rise on demand prospects as lockdowns start to ease

[Sergey Golubev]

Oil prices rise on demand prospects as lockdowns start to ease

West Texas Intermediate (WTI) crude futures rose as much as 8.2% to a three-week high of $22.06 and were up 7.6%, or $1.55, at $21.94 at 0108 GMT. The U.S. benchmark is on a five-day win streak that started on April 29.

Brent crude futures hit a high of $28.37 a barrel in early trade and were up 4.1%, or $1.12 cents, at $28.32. Brent is up for a sixth straight day.

Prospects improved for fuel demand as some U.S. states and several countries, including Italy, Spain, Portugal, India and Thailand, began allowing some people to go back to work and opened up construction sites, parks and libraries.

“Considering ... the depths of demand destruction, markets are probably inclined to take any good news relatively quickly,” said Daniel Hynes, senior commodity strategist at Australia and New Zealand Banking Group.

“The intent in itself was positive — but it was always going to be a long shot,” Hynes said.

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Chart was made on MT5 with Brainwashing system/AscTrend system (MT5) from this thread (free to download) together with following indicators:

• MaksiGen_Range_Move MTF - indicator for MetaTrader 5 
• Ichimoku Cloud - indicator for MetaTrader 5
• Price prediction by Nearest Neighbor found by a weighted correlation coefficient - indicator for MetaTrader 5

Same system for MT4:

1. Brainwashing. Trades: manually and using EAs (MT4)
2. Brainwashing EAs - the thread (MT4)
3. Brainwashing: system setup for trading manually and for EAs (MT4) - the thread 
4. Brainwashing: system development (MT4) - the thread