Oil falls to fresh two-week low, down by over 3% on risk-off sentiment

Technical Analysis

Author: Justin Low | oil

Oil drops to its lowest levels since 15 September

Oil H1 02-10
Oil isn't spared from the souring risk mood today as it faces a more than 3% drop ahead of European trading, as sentiment soured following news of Trump testing positive for the coronavirus earlier.

Price has fallen from $38.30 to around $37.30 levels currently and is testing some near-term support around $37.37. If sellers can break below that, it will keep the bearish momentum going in search of the September low @ $36.13.

Oil D1 02-10
As OPEC+ members are seeing little need to intervene in the market lately, the resurgence in virus cases across the globe - exemplified by Trump also testing positive - isn't an optimistic signal for the oil market outlook towards the year-end.
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