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OIL remains under pressure by surging COVID-19 cases and further lockdowns – US OIL Market Outlook – 23/10/2020

Comments out of President Putin, saying that Russia has not ruled out the possibility of delaying January OPEC+ production increases, and positive news on the vaccine front (with Remdesivir getting the first U.S. approval to treat Covid-19) supported higher prints on WTI Crude, only to print lower in early trade today weighed down by surging Covid-19 cases and further lockdowns, with $40 as the closest support target.

Support: 40/ 39.70
Resistance: 40.70 / 41.50

SquaredFinancial Daily Market Outlook

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Friday, 23 Oct, 2020 / 7:52

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Source : https://www.squaredfinancial.com/learn/daily-market-outlook/oil-remains-under-pressure-bu-surging-covid-19-cases-and-further-lockdowns-us-oil-market-outlook-23-10-2020

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