WTI oil: Oil price falls on growing concerns about global demand outlook

Slobodan Drvenica Windsor Brokers

WTI OIL

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
PP 41.37
1. S1 41.07
2. S2 40.74
3. S3 40.44

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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