Oil prices keep rallying today as China’s business activity report is reassuring.
The January futures contract on Brent Crude Oil is up by $0,48 (or 0,4%) up to $ 108,39/b.
The January futures contract on WTI is up by 0$,66 (or 0,77%) up to $86,55/b.
The Chinese index grew by 0.4% up to 50.9 points in November. The readings exceeded analysts expectations. That is why Asian stock indices are trading in the green zne today.
The chart below, courtesy of , reflects the current state of affairs in the market of Light Sweet Crude Oil. The price has probably finished forming wave C or 3 and is now consolidating in within the scope of wave 4. The scenario will be confirmed if there is a downswing to 84,02 – wave 5.
The critical level is 85,33.
