Oil price falls on growing concerns about global demand outlook
WTI oil price slipped on Thursday, despite strong and unexpected fall in crude inventories, as rising coronavirus cases weigh heavily on global demand outlook.
Disappointing economic data point to bigger than expected contraction of global economies that adds to negative signals.
Fresh weakness cracked 30DMA ($40.34) and eyes psychological $40 support, break of which would soften near-term tone and push the price towards the lower boundary of month-long range.
Ability to hold above $40 level would keep in play hopes for fresh attempt towards key barriers at $43.05/11 (Fibo 61.8% of $65.63/6.52 / 200DMA).
Res: 41.00; 41.36; 41.54; 42.00
Sup: 40.34; 40.00; 39.62; 39.05