fxs_header_sponsor_anchor

News

WTI Crude Oil tumbles toward $31 on shock Fed cut amid the coronavirus crisis

WTI crude oil has kicked off the week with a fall to nearly $31, down nearly $2 or 6% from the close price on Friday.

The Federal Reserve shocked markets with the second unscheduled interest rate cut, this time eliminating 1% and setting it at zero. The coronavirus crisis triggered a massive sell-off in stocks and fears of s systemic risk grew. Petrol prices also suffered the breakdown of the OPEC+ pact between Saudi Arabia and Russia.

While the Fed's cut provides room for some calm in markets, it also reveals the levels of distress. 

WTI still trades above last Monday's low at the $28 handle. Support awaits at $31 and $30.50. Resistance is at $32, $33, and $34.50. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.