Forecast on oil for April 10

Quotes of WTI crude oil rose significantly in Monday trading and ended the session at around $63.30 per barrel. The growth of quotations at the beginning of the trading week was associated with expectations of an increase in the volume of shale oil production in the United States in the short term. On Friday, Baker Hughes announced a significant increase in the number of active drilling rigs to the highs of 2015.
The alleged development of the conflict between the US and China has a negative impact on oil quotes. Some softening of the position of Donald Trump during the weekend supported the growth of oil prices on Monday. World stock markets recovered at the beginning of the week, which led to an increase in quotations by almost 2%. At the same time, market participants highly appreciate the likelihood that the parties will not be able to agree and will continue to impose sanctions on the import of goods, which will contribute to pressure on prices.
The high level of implementation of the current agreement to reduce oil production by OPEC countries and those participating in the transaction also lead to higher prices. Earlier, it was reported that OPEC could increase the global supply in order not to lose its market share, but this information did not have a significant impact on quotes.
In the forecast for Tuesday, I expect further strengthening of quotations of WTI oil to resistance levels of 63.50, 63.80 and 64.25 dollars per barrel.