Oil prices are bullish as investors digest the third successful Coronavirus vaccine trials.
In hopes of travel opening up again soon and the re-opening of economies, oil prices caught a bid. Price action is up over 5% intraday on Tuesday.
The gains are now shy of the next key level near 45.00. We expect some profit-taking near this level that could send oil prices back lower.
However, the 42.00 level is now firmly established as support.
This could mean that the overall bias is starting to look to the upside for oil.