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Fears over the new variants of Covid-19 have caused the trading week to get off to a weak start. Indices are showing some moderate declines amid a more risk-off stance. This, of course, is not the best scenario for oil, which started the European trading session showing a fractional decline after the fall seen in the final part of last week.
Overall, the main scenario remains supportive with buyers popping up each time the price drops. The first support zone for WTI is placed at $51.50, while a recovery to $52.70 would be positive. Only a clear breakout of $53.90-$54 will offer a stronger bullish signal.
