Home Gold News Crude Witnesses Corrective Action

Crude Witnesses Corrective Action

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WTI Crude oil futures slipped on corrective selling as traders focussed on soaring global Covid-19 cases. The corona virus situation in Germany is still very serious even though infection numbers are not rising so fast, Chancellor Angela Merkel said on Tuesday, after federal and state leaders postponed until Nov. 25 a decision on further lockdown measures. Situation in Italy remains precarious too as the nation registered 32,191 new corona virus infections, the health ministry said on Tuesday, up from 27,354 the day before. WTI Crude is down 0.43% at $41.25 per barrel.

Oil prices fell on Wednesday after a bigger-than-expected build in U.S. crude stockpiles stoked fears for weak fuel demand and a potential supply glut, but hopes that OPEC and its allies will postpone a planned January increase to oil output braked losses. The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories rose by 4.2 million barrels last week, well above analysts’ expectations in a Reuters poll for a build of 1.7 million barrels. To tackle weaker energy demand amid a new wave of the COVID-19 pandemic, Saudi Arabia called on fellow members of the OPEC+ grouping – OPEC and other producers including Russia – to be flexible in responding to oil market needs as it builds the case for a tighter production policy in 2021. OPEC+ members are leaning towards delaying a previously agreed plan to boost output by 2 million barrels per day (bpd), or 2% of global demand, in January in an effort to support the market.

TREND : WEAK BULLISH

Time                                      :        18/11/2020

Pivot                                     :        41.21

Technical View                     :        LONG ABOVE 41.41

Target                                   :        41.61, 42.01, 42.37, 43.01

Technical View                      :       SHORT BELOW 41.01

Target                                   :        40.81, 40.59, 40.05, 39.58

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