US OIL

WTI Crude hit our support target at $58pbl as the International Energy Agency cut its demand forecast for 2021 describing the market as fragile as Covid-19 pandemic continues to weigh on demand outlook. We are currently printing between 57.50/58 support/resistance levels with a breach of either needed for a clearer direction with technicals favoring a higher probability for further downside with $57 as next support level.

Support: 58 / 57.50

Resistance: 58.50 / 59