✔️ The price of oil fell 83.5% at the end of April 2020, which was the largest weekly drop since 1986.
✔️ Oil contracts fell below zero for the first time in history.
✔️ Daily global oil consumption fell from 100 million barrels to 65–70 million.
The range 29.10-30.75 is a strong support level. In this range are the weekly Call-boundaries of the market, the margin zone. I expect a correction to 26.50 and then a new growth cycle in the region of $ 35 -39.
✔️ Oil contracts fell below zero for the first time in history.
✔️ Daily global oil consumption fell from 100 million barrels to 65–70 million.
The range 29.10-30.75 is a strong support level. In this range are the weekly Call-boundaries of the market, the margin zone. I expect a correction to 26.50 and then a new growth cycle in the region of $ 35 -39.
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