WTI stays below $47.00 amid a mixed play of key catalysts

Friday, 28 February 2020 09:27 WIB

Minyak WTI


WTI bears dominate near $46.60, down 0.30%, during the early trading session on Friday. The black gold dropped to the lowest since early-January 2019 the previous day amid fears that coronavirus (COVID-19) will weigh on the global energy demand. However, the escalation of Turkey-Syria tension and Saudi Arabia’s push for more production cuts are likely to offer the latest pullback moves.

Coronavirus has been the key pandemic weighing over the global trading sentiment off-late. The increase in cases from South Korea and Italy were the initial triggers while the latest first-ones in the list, including the US, propelled the risk-off afterward.

Oil traders will now keep eyes on the Coronavirus updates for near-term direction while the US Baker Hughes Rig Counts, prior 679, can also offer intermediate moves.

Technical Analysis

A sustained downside below the recent bottom of surrounding $45.95 can fetch the energy benchmark towards $44.50 ahead of highlighting 2018 low close to $42.00.

Source: FXstreet


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