Despite the fact that the OPEC + agreement is perceived by many institutions as a positive event for the market, prices are clearly falling today. At one point, the sell-off reached almost 4% and WTI oil fell below $ 69 a barrel. Of course, the sentiment is slightly negative today, which can also be seen in the equity market. It is worth noting that the stock market is under pressure due to the increasing number of coronavirus cases. Once these fears have subsided, oil prices should resume upward move. Another factor that is driving oil prices down during today's session is the strength of the US dollar.
OIL.WTI price is testing a major support zone around $ 69.00 a barrel which is marked with lower limit of the 1: 1 structure and the lower limit of the descending channel pattern. Source: xStation5
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