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28 Apr 2020
Oil Price Analysis: WTI stays under pressure, approaching $10.00 a barrel
- WTI remains bearish despite the risk-on mood.
- The level to beat for sellers is the 9.87 support on the WTI futures June contract.
WTI four-hour chart
Despite the general risk-on mood, WTI remains very weak after the bounce from historic lows to 18.00 a barrel (WTI futures June contract). As sellers remain in full control, a break below 9.87 can yield further weakness towards the 7.31 support level in the medium term. Bullish attempts are likely to be short-lived with resistances likely to emerge near 13.16, 15.55 and 18.80 levels.
Additional key levels