Oil is in crucial level
After additional cut-down in the production announcement by OPEC oil is still struggling due to outbreak #Coronavirus become a serious concerns for the global economies which reduces the oil demand on the other hand supply cut is not sufficient enough to absorb the impact. Therefore we believe that if oil sustain 46.23 level then it would rebound else we can see a new low which would be below 42. Now cross your fingers and wait and watch.
After additional cut-down in the production announcement by OPEC oil is still struggling due to outbreak #Coronavirus become a serious concerns for the global economies which reduces the oil demand on the other hand supply cut is not sufficient enough to absorb the impact. Therefore we believe that if oil sustain 46.23 level then it would rebound else we can see a new low which would be below 42. Now cross your fingers and wait and watch.
Comment:
Finally oil touch in intra-day 43.80 which was mentioned in our post related to further downside expected.