Breaking: WTI dips briefly below $28 on Saudi price war, sheds over 30%


The selling interest in the US oil (WTI futures on Nymex) remains unabated on this Black Monday, as the rates briefly dip below the 28 handle, in a sell-off that gathered pace on a breach of $30 mark - the psychological level.

The black gold hit the weakest levels since February 2016 at $27.90 before jumping back above the $28 mark. Despite the quick pullback, the bearish bias remains intact, in light of the price war started by Saudi Arabia after Friday’s OPEC+ deal fallout.

Saudi Arabia slashed its export oil prices over the weekend. The Saudi decision to cut prices by nearly 10% was announced on Saturday. The cut heightening the panic across the global markets, already roiled by the coronavirus outbreak.

WTI Technical levels to watch

WTI

Overview
Today last price 28.48
Today Daily Change -13.16
Today Daily Change % -31.48
Today daily open 41.81
 
Trends
Daily SMA20 49.66
Daily SMA50 53.96
Daily SMA100 55.76
Daily SMA200 55.75
 
Levels
Previous Daily High 46.48
Previous Daily Low 41.22
Previous Weekly High 48.74
Previous Weekly Low 41.22
Previous Monthly High 54.69
Previous Monthly Low 43.95
Daily Fibonacci 38.2% 43.23
Daily Fibonacci 61.8% 44.47
Daily Pivot Point S1 39.86
Daily Pivot Point S2 37.9
Daily Pivot Point S3 34.59
Daily Pivot Point R1 45.12
Daily Pivot Point R2 48.43
Daily Pivot Point R3 50.39

 

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