WTI oil price slipped on Thursday, despite strong and unexpected fall in crude inventories, as rising coronavirus cases weigh heavily on global demand outlook.
Disappointing economic data point to bigger than expected contraction of global economies that adds to negative signals.
Fresh weakness cracked 30DMA ($40.34) and eyes psychological $40 support, break of which would soften near-term tone and push the price towards the lower boundary of month-long range.
Ability to hold above $40 level would keep in play hopes for fresh attempt towards key barriers at $43.05/11 (Fibo 61.8% of $65.63/6.52 / 200DMA).

Res: 41.00; 41.36; 41.54; 42.00
Sup: 40.34; 40.00; 39.62; 39.05



Interested in Oil technicals? Check out the key levels

    1. R3 42.34
    2. R2 42
    3. R1 41.71
  1. PP 41.37
    1. S1 41.07
    2. S2 40.74
    3. S3 40.44


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

FXStreet Trading Signals now available!

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

Latest Analysis

Latest Forex Analysis

Editors’ Picks

AUD/USD weaker ahead of RBA’s monetary policy decision

The Aussie is weak, despite receding dollar’s demand and the robust performance of US indexes. Coronavirus developments hit the commodity-linked currency ahead of the RBA.


Gold: This just might be as good as it gets for gold

The price of gold is trading at $1,975 within a range of between $1,960.54 and $1,986.76 at the time of writing, virtually flat on the day in consolidation having eeked out a fresh all-time high.

Gold News

USD/JPY struggling to retain the 106.00 level

The USD/JPY pair traded as high as 106.46 on Monday but struggles to retain gains above the 106.00 level amid lack of dollar’s demand.


Ethereum on its way to regaining $400 while BNB hit a new high at $22.5

BTC/USD is more stable than other coins right now but has been able to recover from its crash towards $10,500. It is currently trading at $11,369 and faces very little resistance until $14,000.

Read more

WTI drops below $40 on demand worries, OPEC+ output increase

Crude oil prices posted losses last week and seem to be struggling to shake off the bearish pressure on Monday. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $39.85, losing 1.5% on a daily basis.

Oil News

Forex Majors