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Oil falls due to demand related concerns

Oil prices continue to decline due to concerns related to the recovery in energy demand.

 

The market is increasingly concerned about the reduction in fuel demand in the United States and other major energy consumers. The summer season has ended in the USA, which is accompanied by an increased demand for energy resources. Seasonal maintenance of refineries may also have a negative impact on the further level of oil demand in the United States. According to some experts, the level of crude oil consumption may decrease by 1.5-2 million barrels per a day.

 

The situation may be aggravated by the worsening epidemiological situation in the United States and other countries. In 22 states of the US, India, Great Britain and other countries, there is an increase in the number of cases of COVID-19. According to Johns Hopkins University, the total number of cases in the world on September 8 exceeded 27.2 million.

 

The negative impact on the market was also made by the data on GDP of Japan for the 2nd quarter published today. Compared to last year, the country's GDP fell by 28.1%. There are growing signs of a slowdown in economic recovery in the EU and other countries.

 

After a slight correction to the level of 39.80, the price resumed its downward movement. In the coming days, we should expect the development of a predominantly downward movement. We are expecting a breakdown of the level 38.70.

 

  • Resistance levels: 39.80, 40.25, 41.40.

 

  • Support levels: 38.70, 37.70 37.00.

 

The main scenario - a decline and a breakdown of support at 38.70.

 

An alternative scenario - a breakdown of resistance at 39.80 and an increase to 40.25.

 

The current fundamental outlook is negative. Short signals should be expected in the range of 39.80-40.25.

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