Oil 6H – old Contract
29.85
Saudi Arabia and Russia, the world’s two largest crude producers, agreed to freeze output after talks in Qatar.
As Oil production still exceed demand downtrend pressure still weigh on Oil price to sustain downtrend movement .
as wee see over chart, market retreated from downtrend line 31.50 while we may expect farther drop yet to come
support at 28.70 where below this support expect 27.00-40 zone
as Market supply still exceed demand the downtrend wave toward 24.80 target still on table
| Support | Resistence | |
| Level 1 | 28.70 | 30.15 |
| Level 2 | 27.00-40 | 31.00 |
| Level 3 | 26.15 | 31.80-32.00 |
