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OIL weighed down by growing COVID-19 concerns – US OIL Market Outlook – 30/09/2020

SquaredFinancial

WTI Crude ended yesterday’s session well below $40 pbl, dropping by 3.45%, weighed down by growing concerns over the Covid-19 impact on the global economy as businesses continued to struggle with Disney the latest to report the laying off of 28,000 employees. Heavy economic day ahead as investors focus on EIA crude inventories as we print between 38.70 / 39.27 support/resistance levels, with an hourly close below 38.70 to open the door to further downside.

Support: 38.70 / 38
Resistance: 39.27 / 40

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/oil-weighed-down-by-growing-covid-19-concerns-us-oil-market-outlook-30-09-2020
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