This morning oil prices rose more than 1%  ahead of an OPEC meeting which is expected to push the group and its allies including Russia to agree to further output cuts to support the market. But will that be enough to support oil prices in the long term? Given the overall downtrend in oil prices because of the rapid spread of the coronavirus which has been weighing on the transport industry, we would expect oil prices to dip lower again, sooner rather than later.

Chart

Oil could therefore soon weaken further, especially if the demand in travelling stays weak and economic activity remains low. Before the OPEC meeting, we like to sell USOIL at 46.70 with SL at 48.60 and TP at 44.90.

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.8% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The content of this material and/or any information provided by BDSwiss Holding PLC should not in any way be construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument and it is not intended to provide a sufficient basis on which to make investment decisions, in any manner whatsoever. Any information, views or opinions presented in this material have been obtained or derived from sources believed by BDSwiss Research Department to be reliable, but BDSwiss makes no representation as to their accuracy or completeness. BDSwiss Holding PLC accepts no liability for loss arising from the use of this data and information. The data and information contained therein are for background purposes only and do not purport to be full or complete.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD holding above 1.18 ahead of critical US data

EUR/USD is holding onto its gains, trading above 1.18 as the dollar remains on the back foot. ADP's US job report and the ISM Non-Manufacturing PMI provide critical clues toward the Non-Farm Payrolls. Fiscal stimulus talks and geopolitics are also in play.

EUR/USD News

XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold (XAU/USD) price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades around to 1.31 amid dollar weakness, ahead of data

GBP/USD is trading around 1.31, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. Services PMIs on both sides of the Atlantic are eyed.

GBP/USD News

Forex Today: Gold smashes $2,000, dollar depressed, two Non-Farm Payrolls hints eyed

Stocks, bonds, and precious metals are on the rise while the greenback is falling alongside falling yields. Investors are eyeing slow progress in fiscal stimulus talks and top-tier US figures ahead of the Non-Farm Payrolls.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News

Forex Majors

Cryptocurrencies

Signatures