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OIL gains limited as Covid-19 cases in Europe increase probabilities of national lockdowns – US OIL Market Outlook – 14/10/2020

WTI Crude printed above $40 pbl in yesterday’s session on the back of positive comments out of OPEC+ and continued Saudi-Russian collaboration which have so far resulted in high levels of member compliance. A resurgence of Covid-19 cases in Europe with increasing possibilities of national lockdowns should keep higher prints capped, with 39.27 as the closest support target ahead of weekly API inventory data.

Support: 39.27/ 38.70
Resistance: 40 / 40.70

SquaredFinancial Daily Market Outlook

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SquaredFinancial Review

Wednesday, 14 Oct, 2020 / 7:50

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/oil-gains-limited-as-covid-19-cases-in-europe-increase-probabilities-of-national-lockdowns-us-oil-market-outlook-14-10-2020

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