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

Oil prices fell by 4% after the cessation of flights between the US and the EU

On Thursday, oil prices fell more than 4% amid falling global stock markets and Donald Trump's announcement that air links with Europe would be suspended for 30 days. According to representatives of the industry association, a travel ban, with the exception of the United Kingdom, will inflict a serious blow on US airlines. This unexpected step could mean a further drop in demand for jet and other fuels.


The situation on the market is aggravated by the threat of the appearance on the market of large quantities of even cheaper oil, since Saudi Arabia has promised to raise production to a record high against the backdrop of a price confrontation with Russia. Following Saudi Arabia, the United Arab Emirates also announced plans to increase production. UAE National Oil Company, ADNOC, stated that it plans to increase oil sales in the future to 5 million barrels per day.


In fact, after the collapse of the OPEC + coalition, the market has lost its regulator and now the situation will be regulated by market mechanisms of the balance of supply and demand.


The chart is dominated by bearish signals. Bears pushed support at the level of 32.75. Quotes have already fallen to the next local level - 30.50. After the breakdown of this mark, the next target for price movement will be the level of 27.00.


  • Resistance levels: 33.50, 35.70, 37.00.


  • Support levels: 30.50, 27.00, 26.00.


The main scenario - a breakdown of support at 30.50 and a decline towards 27.00.


An alternative scenario - an increase towards 33.50.


The fundamental outlook is negative. We consider sales from levels of 31.90 and 33.70.


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%? […]