Saudi Arabia and Russia, two of the world's largest oil producers, have decided to extend cuts to their oil production to support oil prices and boost income. This move comes despite weakened demand due to the sluggish economy.
Oil is testing support
2020-02-24 • Updated
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus. The spread of the disease may affect the commodity as the demand for it may decline because of the travelling bans. The decline below the support at 51.55 will mean that bulls are too weak to close the gap. Targets on the downside will lie at 50.90 and 50.00.
SELL 51.50; TP1 50.90; TP2 50.10; SL 51.75
To trade WTI with FBS you need to choose WTI-20J in MT4.
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