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OIL dropped 2.5% after excess supply – US OIL Market Outlook – 22/10/2020

WTI Crude dropped by more than 2.50%, hitting our short entry support targets, as increasing Libyan crude output ( 560,000 bpd by end of month, 1 Million bpd by end of year) and a smaller than expected EIA inventory drawdown ( -1.001 Mb vs. -1.021Mb forecast) weighed down on prices, with a failure to print above $40 resistance level to favor lower prints.

Support: 39.27/ 38.70
Resistance: 40 / 40.70

SquaredFinancial Daily Market Outlook

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SquaredFinancial Review

Thursday, 22 Oct, 2020 / 7:55

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/oil-dropped-2-5-after-excess-supply-us-oil-market-outlook-22-10-2020

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