WTI Crude stayed lower amid choppy moves. Soaring US Covid-19 cases weighed on the US equity markets. Commodities stayed under stress broadly. WTI Crude currently trades at $41.84 per barrel, down 0.14% on the day.
Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the corona virus around the world, which raised concerns about the outlook for crude demand. The spread of corona virus infection and fresh restrictions in the United States and other parts of the world hit market sentiment as it would hamper fuel demand. Investors are also booking profits from the recent rally before the U.S. Thanksgiving holiday later this month. 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 BEARISH / SIDEWAYS
Time : 20/11/2020
Pivot : 41.65
Technical View : LONG ABOVE 41.85
Target : 42.05, 42.37, 42.63, 43.21
Technical View : SHORT BELOW 41.45
Target : 41.25, 41.14, 40.67, 40.31