flag-gb flag-my flag-zh flag-id flag-th flag-vi

Oil prices remain under pressure

Oil prices remain under pressure due to deadly coronavirus spread reports. Over the past day, new cases of virus infection have been reported in 15 countries. In total, the virus was confirmed in almost 4.5 cases with 107 lethalities. Investors fear that a deadly virus epidemic could seriously harm the world's second largest economy. This will have a negative impact on energy demand.


According to S&P Global Platts, OPEC countries are discussing ways to stabilize the market in the event of further spread of the virus and lower oil prices. Both an extension of the current agreement and a reduction in production quotas are being considered.


In the coming days, investors should follow the publication of weekly industry reports in the United States. Today the API data will be presented. On Wednesday, the US Department of Energy report will be released.


According to the graph, between the levels of 52.00-53.10 a flat is developing, within which we can expect the development of a moderate downward movement. The scenario with the development of an upward correctional wave, in the direction of the level of 54.00, will be relevant after the price consolidates above the target of 53.10.


Resistance Levels: 53.10, 54.00, 55.05


Support levels: 52.00, 51.00, 50.00.


The main scenario - a decline towards the level of 52.00.


An alternative scenario - consolidation above the level of 53.10 and growth towards 54.00.


The fundamental outlook is moderately negative. A flat is forming on the chart. Within the flat we consider shorts from the level of 53.10.

Latest news

Share posts and earn money

2020-09-16 08:29:16

We are launching the long-awaited rewards program for all subscribers of our social networks – share posts with your friends and get money on your FortFS account as a reward! 🥇 The participants will get the following benefits: • Real money for reposts • The reward is available for withdrawal without restrictions • You can […]

No Deposit Bonus 100 USD

2020-08-20 20:43:20

Dear Traders, Make sure to receive $100 on your trading accounts only from the 20th to the 28th of August! No Deposit Bonus 100 USD is the best way to start trading and test all of the Company’s products! GET BONUS The bonus features: Withdrawal of up to 100 USD 75 lots of trading turnover […]