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Oil prices drop to lowest levels since 2003

Oil prices have fallen to their lowest levels since 2003 amid falling Asian stock indices and the lack of positive industry news.

 

 At the end of last week, information was spread on the market that the United States intended to intervene in the price war between Saudi Arabia and Russia to stabilize oil prices and protect its oil producers. But during this time no new agreements between the countries were reached. Saudi Arabia and Russia do not intend to deviate from the current pricing policy. Amid the global economy shrinking, experts expect an imbalance to increase towards excessive oil supply, which will inevitably lead to a further reduction in energy costs.

 

Therefore, the overall fundamental background in the market remains negative.

 

The chart is dominated by bearish signals. Within the daily framework, we pay attention to the level of 23.20. While the price remains below this mark, the scenario with the development of a downward movement towards the level of 20.35 is a priority. Only after the price consolidates above 23.20, we can expect quotes to recover to 25.75.

 

  • Resistance levels: 23.20, 25.75, 27.20.

 

  • Support levels: 21.30, 20.35, 20.00.

 

The main scenario - a decline towards 20.35.

 

An alternative scenario - a breakdown of the resistance at the level of 23.20 and an increase towards 25.75.

 

The fundamental outlook is negative. We consider shorts from the levels of 23.20 and 25.75.

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