WTI Crude Oil Loses The 38.83 Floor Again

Oil prices are trading bearish, as the sentiment shifts to the downside.

The rising number of coronavirus cases in the US once again dampens the outlook for demand.

As a result, oil prices slipped below the 38.83 floor that held up previously.

The breakdown below this level is, however, gradual. This could mean that price could once again creep back higher to continue with the sideways trend.

If the current bearish momentum continues, oil prices could be testing the 2nd October lows near 37.

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“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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