9:50 AM · 3 August 2020

OIL down for the 3rd day

OIL.WTI is moving down for the third consecutive day. The decline has not been steep so far but it could eventually end a period of price consolidation. Oil has been unable to benefit from the risk-on/weak dollar environment amid concerns that resurgent pandemic could dent demand recovery. August brings some relaxation in the OPEC+ deal and technically this could boost output by 2mbd (more than 2% of the global total). In case the correction takes place, traders should pay attention to $34.60 level as a possible support.

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Commodities Technical analysis

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