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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.

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