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

FXStreet Team FXStreet

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.

Oil prices could drop to $20 per barrel - Goldman Sachs

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

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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