WTI crude futures soared more than 6% in a volatile session on Friday, after jumping 25% in the previous session as major oil producers began to reduce production to offset a drop in demand hit by the coronavirus crisis.
OIL.WTI is testing major resistance level at $23.63 per barrel which is additionally strengthen by 200 MA (orange line) and downward trend line. If buyers manage to break above it, an upward impulse towards $29.61 per barrel could be launched. On the other hand, once sellers regain control, the support at $17.34 per barrel may be at risk. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
