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

WTI is approaching $ 50

Oil prices hit multi-month highs on Monday due to expectations that OPEC + countries could cap in February, as the coronavirus pandemic raises concerns about increased energy demand in the first half of 2021.


On Sunday, Mohammad Barkindo, secretary general of the Organization of the Petroleum Exporting Countries (OPEC), said that while oil demand is expected to rise by 5.9 million barrels a day to 95.9 million barrels a day this year, he sees many negative factors for demand in the first half of 2021. These statements have raised investor expectations that OPEC countries may tighten production restrictions or extend existing restrictions for a longer period.


At the same time, analysts at Energy Aspect and RBC Capital believe that OPEC + is likely to maintain its January production level in February.


Today and tomorrow the market will focus on the meeting of the OPEC Monitoring Committee. The meeting participants will discuss the current state of affairs in the energy market and further plans on the feasibility of changing production quotas.


On the chart, the price is approaching the psychologically important 50.00 mark. Today we are waiting for a slight breakdown of this level, after which the price may go into a deep correction.


  • Resistance levels: 50.00, 50.50, 51.00.


  • Support levels: 48.00, 46.35, 44.80.


The main scenario is a rise to 50.00 and a downward reversal.


Alternative scenario is a consolidation above 50.00 and further growth.


The current fundamental outlook is neutral. We consider shorts after quotes rise above 50.00.

Latest news


2020-12-04 08:57:41

Only from November 02nd, 2020, to January 04th, 2021, 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 […]

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 […]