Oil was mixed on Wednesday morning in Asia, with the American Petroleum Institute (API)’s prediction of a draw in crude oil supply overshadowed by ongoing concerns over U.S. fuel recovery.API on Tuesday reported a draw of 4.264 million barrels for the week ended August 14, beating forecasts of a 2.9 million-barrel draw. But some investors raised concerns about U.S. fuel recovery, with the U.S. Congress still unable to reach a consensus on the latest stimulus measures to get economic recovery from COVID-19 on track.Investors are now looking to OPEC’s joint ministerial monitoring committee (JMMC), scheduled to take place later in the day after the meeting was postponed from the initial August 18 date. OPEC+ members are due to review adherence to output cuts.
TREND : SIDEWAYS
Time : 19/08/2020
Pivot : 42.86
Technical View : LONG ABOVE 43.06
Target : 43.26, 43.46, 43.78, 44.28
Technical View : SHORT BELOW 42.66
Target : 42.46, 42.29, 41.94, 41.52