Oil price falls to one-week low after Fed failed to restore confidence
WTI oil price fell today to the lowest since last Monday’s crash, surging through round-figure supports at $30 and $29.
The oil was sold after Fed’s aggressive steps overnight failed to calm investors, with continuing price war between biggest producers adding to negative outlook.
The contract managed to recover some losses on bounce above $30 level in early US trading, after registering losses of over 14% at some point, with current percentage calculation at 9% loss for the day.
Fears of on very hard impact on global demand on corona virus pandemic and new conflict between top oil producers, keep oil prices under pressure. Bearish studies on daily and weekly chart add to negative outlook, as recent weakness neared 2016 low at $26.04.
Res: 31.87; 32.67; 34.20; 36.58
Sup: 30.00; 29.00; 28.47; 27.67