The 4.4% rise in crude oil price on the Brent benchmark has triggered a corresponding recovery in the Royal Dutch Shell share price this Monday. The RDSB share price is up 3.41% on the day, as risky assets saw a return of demand following Friday’s slump that was triggered by the emergence of the Omicron COVID-19 variant.
The alliance of the Organization of Petroleum Exporting Countries and its partners (OPEC +) are due to meet on 2 December. The market is expecting the cartel to make adjustments to its production quota for January in this meeting in response to the emergence of the Omicron variant.
Expectations of a downward revision to its initial quota increase is also shoring up prices of oil stocks.
Price seems set to retake the 1628.2 price mark, which was lost to sellers last week. If this barrier is breached, the lows of 29 October and 18 November at 1682.8 become the next target. A break above 1713.4 opens the door for an additional recovery that targets 1785.4 and 1833.4 in that sequence.
On the other hand, rejection of the 1628.2 resistance targets 1587.0. If the latter gives way, 1521.6 and 1483.2 become the additional targets to the south.
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This post was last modified on %s = human-readable time difference 13:11