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

Oil market remains under pressure

Oil prices remain under strong pressure amid concerns of a growing oversupply imbalance in the market. The market is concerned by information about the spread of coronavirus outside of China, which could lead to an even greater decrease in energy demand.


Investors are also concerned with the lack of a common position between the OPEC+ countries on the issue of reducing oil production. Saudi Arabian Energy Minister Ben Salman stated today that no decision has yet been made to further reduce production quotas. Countries continue to negotiate. In particular, he noted that active negotiations are underway with Russia.


There are still no news related factors that could support oil prices.


Regarding the chart, after a slight correction, the price resumed its downward movement. Bulls could not overcome the resistance at the level of 52.00 so far. During the day, we are expecting the development of a downward movement towards 50.50. With the breakdown of this mark, we can expect a drop in prices towards 49.30.


Resistance levels: 52.00, 53.25, 54.00.


Support levels: 50.50, 49.30, 49.00.


The main scenario - decline towards the level of 50.50.


An alternative scenario - consolidation above the mark of 52.00 and growth towards 53.25.


The fundamental outlook is moderately negative. We still prioritize shorts close to the area of 52.00.

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 […]