Oil prices continue to consolidate below 111.65 because of fears that the world economy will fall into recession. However, the situation may already change today if the US GDP data for the 1st quarter turns out to be better than the forecasts. Even a slight increase in the index in monthly terms will raise hopes that the US economy will see only a slightly weaker economic growth rather than a sharp fall into recession.
Technical picture:
The quote is above the middle line of the Bollinger indicator, above the SMA 5 and SMA 14. The relative strength index (RSI) is at 50%, while the stochastic indicator is moving up.
Possible dynamics:
Growth and consolidation of oil prices above 111.65 may lead to an increase to 116.00.
