PA is hover above 51.50 level & there are a huge demand zone down below 51.50
if PA continue to weaken and PA might continue to fall towards 48.00 level
Price had fallen from 65.50 zone since IRAN-US potential war issue late end 2019
might see price to continue to fall below 45.00 if broken, critical support.
World fundamental issue can trigger lots of emotion around investor and confusion, uncertainty... especially oil related sector.
Will Coronavirus worsen and impact the trade activity between country?
Will Iran strike back any given time this year?
Will CHINA growth slow down meaning lesser shipping and logistic activity needed compare last year?
Will Middle east country to continue cut oil production as promised?
As long the demand of oil is low... price will continue to fall.
Next is where is demand for oil?
if PA continue to weaken and PA might continue to fall towards 48.00 level
Price had fallen from 65.50 zone since IRAN-US potential war issue late end 2019
might see price to continue to fall below 45.00 if broken, critical support.
World fundamental issue can trigger lots of emotion around investor and confusion, uncertainty... especially oil related sector.
Will Coronavirus worsen and impact the trade activity between country?
Will Iran strike back any given time this year?
Will CHINA growth slow down meaning lesser shipping and logistic activity needed compare last year?
Will Middle east country to continue cut oil production as promised?
As long the demand of oil is low... price will continue to fall.
Next is where is demand for oil?
Comment:
price continue to fall below 50.00 level since last month.. long term target 39.00