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Last Updated Date: 3 May 2021 @ 8:45 AM (UTC)
*Please note that all the dates are in GMT time zone

Oil was down Monday morning in Asia as ever-surging COVID-19 cases in countries such as India dampen fuel demand hopes. India, the third-largest oil importer globally, continues to fight its second wave of COVID-19 cases.
However, losses were capped as fuel demand is expected to rebound in countries such as China in the second half of 2021. Accelerating COVID-19 vaccination rates are expected to raise global fuel demand, especially during the upcoming peak summer travel season.

Last week’s drop off signals a short term turn back to the prevailing bear trend of previous months and should continue to foster an attack under the 62.30 swing low. A close under 62.30 projects a larger bear wave to 57.40. The reluctance to stay under 62.30 and Friday’s bounce hints for rebounding action today. Trade needs a close over 65.45 to renew a bottoming formation.

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