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Oil drifting lower on rising concerns of COVID-19 cases – US OIL Market Outlook – 14/07/2020


WTI crude oil retreated after printing a double top around $40.50 – $40.70 to hit our short support target at $39.27 on rising concerns over the resurgence of Covid-19 cases in the US as California reinstated lockdowns. API weekly crude oil stock inventories to be released today, with a surprise buildup to further push prices lower with 38.70 as the next support target.

Support: 39.27 / 38.70
Resistance: 40 / 40.50

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-drifting-lower-on-rising-concerns-of-covid-19-cases-us-oil-market-outlook-14-07-2020
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