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

No Deposit Bonus 100 USD – available for 3 days only!

2020-11-23 08:44:40

Only from 23 to 25 of November, the largest no deposit bonus 100 USD is available for all Forex traders! πŸ† Bonus details: 100 USD maximum withdrawal 75 lots of required trading turnover 2 weeks to try all of the trading conditions Available for cent accounts πŸ“ How to get the bonus: 1) Register an […]

Deposit Bonus 200%

2020-11-03 08:45:33

Only from November 02nd to December 04th, 2020, Deposit Bonus 200% is available for all FortFS clients! Use the advantage to engage for the unique offer within a limited period: activate the deposit bonus and get up to 200% on the deposit amount on your trading account! How to get a Deposit Bonus of 200%? […]