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Oil Prices Slides on Thursday as a Surge of COVID-19 Around the Globe

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Oil prices dipped on Thursday as a surge of coronavirus infections around the globe raised fears a rebound in fuel demand would stutter just as major oil producers are set to raise output in August. Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the U.S.

Energy Information Administration reported a sharp, unexpected 10.6 million barrel drop in crude stockpiles last week. However, at the same time U.S. gasoline and distillate stocks, which include diesel and heating oil, both rose against expectations for inventories to fall – highlighting the patchy nature of the recovery in fuel demand. The potential hit to the demand rebound comes just as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, are set to step up output in August, adding about 1.5 million barrels per day to global supply.

TREND : WEAK BEARISH / SIDEWAYS

Time                                      :           30/07/2020

Pivot                                      :           41.23

Technical View                     :             LONG ABOVE 41.43

Target                                   :            41.63, 41.71, 41.93, 41.26

Technical View                     :             SHORT BELOW 41.03

Target                                   :            40.83, 40.76, 40.53, 40.21

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