Oil Price Analysis: WTI hovering near multi-year lows, sidelined near $24 a barrel

  • WTI suffered one of its largest selloff in history plummeting to near $20 a barrel in the last weeks.
  • WTI is stabilizing after the collapse however remains vulnerable to the downside.

Oil daily chart

WTI collapsed violently in the last two months as WTI collapsed to its lowest level since February 2002 near $20 per barrel. 

Oil four-hour chart

The oil market remains under selling pressure below its main SMAs as sellers are looking for an extension of the selloff below the 22/20 support zone wich would introduce scope to the 16 level on the way down. On the flip side, buyers would try to gather strength above the 24 resistance with potential targets to the 28 and 32 price levels on the way up. 

Additional key levels


Today last price 25.54
Today Daily Change 0.64
Today Daily Change % 2.57
Today daily open 24.9
Daily SMA20 35.61
Daily SMA50 46.2
Daily SMA100 52.56
Daily SMA200 54.26
Previous Daily High 25.68
Previous Daily Low 23.66
Previous Weekly High 31.9
Previous Weekly Low 20.57
Previous Monthly High 54.69
Previous Monthly Low 43.95
Daily Fibonacci 38.2% 24.91
Daily Fibonacci 61.8% 24.43
Daily Pivot Point S1 23.82
Daily Pivot Point S2 22.73
Daily Pivot Point S3 21.79
Daily Pivot Point R1 25.84
Daily Pivot Point R2 26.77
Daily Pivot Point R3 27.86



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

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

Latest Forex News

Editors’ Picks

AUD/USD holds onto recovery gains above 0.6050, RBA eyed

AUD/USD stays within the two-hour-old 0.6080-6100 range, currently around 0.6090, while stepping forward for Tuesday’s Asian session. In doing so, the pair holds onto Monday’s recovery gains, mainly due to slightly positive coronavirus (COVID-19) data from Europe, ahead of the key RBA meeting.


USD/JPY: Mildly bid above 109 amid mixed sentiment

Having benefited from the recovery in virus data from global hot-spot, while marking a three-day winning streak on Monday, USD/JPY buyers seem to catch a breath around 109.25 amid the early Asian session on Tuesday.


Gold: Refreshes four-week high, $1,685 on bulls’ radar

Gold prices remain on the front foot while taking the bids near $1,668, up 0.70%, amid the Asian session on Tuesday. In doing so, the bullion refreshes the four-week high with an intraday peak of $1,674.15 while also marking a fifth consecutive daily gain.

Gold News

WTI fragility amid OPEC+ delays

The price of oil has been under some pressure in recent trade considering the delays to the OPEC meeting which had been scheduled for Monday but put back until Thursday. Markets are otherwise enjoying some recovery amid signs of a slow down in COVID-19 contagion. 

Oil News

Johnson Hospitalised, Oil Awaits Treatment

Sterling slipped after UK Prime Minister Boris Johnson was moved to the intensive care unit for coronavirus treatment, but the broad risk trade remained strong on optimism with slowing growth in the number of Corona virus cases. 

Read more