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Oil Slipped From a Five-Month High

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Oil prices fell on Thursday as major producers warned of a risk to the recovery in demand if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected. Stockpiles of crude in the United States fell last week for a fourth straight week, even as net imports rose. However, the 1.6 million barrel decline was less than a Reuters poll showing expectations for a 2.7 million barrel fall. Still, stockpiles are expected to continue declining, according to analysts. OPEC’s joint ministerial monitoring committee (JMMC) was reviewing compliance with production cuts and left output reductions unchanged. The group pressed members such as Nigeria and Iraq to do more to meet their quotas after they exceeded them between May and July.

TREND : WEAK BEARISH / SIDEWAYS

Time                                      :           20/08/2020

Pivot                                      :           42.83

Technical View                     :             LONG ABOVE 43.03

Target                                   :            43.23, 43.54, 43.82

Technical View                     :             SHORT BELOW 42.63

Target                                   :            42.43, 42.31, 42.12, 41.74

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