As the critical component of the global economy, Oil has a huge impact on our daily lives, and to respond to the market it is closely followed by economists, businesses, and traders alike.
The impact of the COVID-19 epidemic has shaken the oil industry, forcing US oil prices to go down for the first time on record.
It has sparked unprecedented demands in the oil industry, leading to a collapse in the oil price market.
As per our Technical analysis, we have set the top resistance at 38.895,
and the crude will fall over 130 points.
Ultimately, the oil market vision will depend on how fast the government’s move to prevent the outbreak of coronavirus,
how successful their efforts are, and how they contribute to the global health crisis in the economy.
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