Oil Market staggering, indicates massive fall in Crude
by Sonali Marwah
April 12, 2020
118
WTI Crude Oil
On Thursday, Commodities and WTI Crude Oil Market had a rough day.
- In the beginning, the market was favorable, as there was OPEC and OPEC+ nations meeting scheduled.
- In the morning, the market surges 9%. As time passes, it ended up the closing touching bottom with a fall for 10%.
- The market will open now on Monday. There is a holiday for Good Friday.
- Now, everything depends on the outcome of OPEC and OPEC+ meeting. If they can conclude a production cut of around 20 million barrels per day (BPD), this will help the crude oil market.
- Now, the market showing strong resistance above $30 per barrel.
- The crude oil price below 20 dollars still offers support.
- If the price goes below $20, the crude market will collapse again with 30-year low prices.
Brent Crude Oil
On Thursday, Brent crude markets try to rally in the morning session as the WTI market. However, it returns the profits rapidly and ends up closing at a record low level.
Due to Good Friday, the oil market will open on Monday. Reaction regarding OPEC decision will decide the market. In the Brent market, underneath support is at $30 level. However, if 30 dollar support is broken, then another support is at $27.50 level and further at $25 level. On Monday, the market’s reaction will decide whether we will go beyond support level or resistance level.