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Oil prices remain under pressure

During the Asian trading session, oil prices rose slightly amid reports that Russia and Saudi Arabia may continue to reduce production.

 

The two largest oil producers announced their readiness to further reduce production by almost 10 million barrels, in addition to the earlier OPEC + agreement to reduce production by 9.7 million barrels.

 

A positive impact on the market is also exerted by statements by some countries to increase oil purchases for their strategic reserves.

 

Despite local price increases and investor optimism, experts forecast that the market will remain under pressure until the global economy starts normal operation. According to OPEC forecasts, energy demand will fall to its lowest level in the last three decades against the backdrop of the coronavirus pandemic. Earlier, the International Energy Agency stated that 2020 could be the worst year in the history of the oil market.

 

Regarding the chart, most active trading so far takes place in the range between the levels of 25.50 and 26.90. The priority remains the scenario with the price coming out of flat down. The medium-term goal is the level of 23.20.

 

  • Resistance levels: 26.90, 29.00, 30.30.

 

  • Support levels: 25.50, 23.20, 21.30.

 

The main scenario - a breakdown of support at the level of 25.50 and a decline in the direction of 23.20.

 

An alternative scenario - consolidation in the range of 25.50-26.90.

 

The fundamental outlook is moderately negative. We still prioritize shorts. Entry points are to be sought after near the level of 26.90.

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