Lillian McKenna Posted February 28, 2020 Share Posted February 28, 2020 Given the recent sell-off in oil prices, do you think oil will rally any time soon? Quote Link to comment Share on other sites More sharing options...
0 Simon Mugo Posted February 28, 2020 Share Posted February 28, 2020 Hi Lillian, the current situation in the oil markets is quite precarious given that the world was already dealing with an oversupply of this crucial commodity before the coronavirus led to the latest sell-off. It's safe to say that there are no major fundamental reasons to be bullish on oil at this time given the fact that there's still no cure for the COVID-19 coronavirus. The technical situation is also not very promising given that a barrel of West Texas Intermediate (WTI) crude oil is trading around $45 with the next major support being at $27. Oil could fall to the $27 level last seen in early 2016 if the coronavirus outbreak is not contained soon and economic activities across the globe continue to slowdown. I would not advise taking a bullish position on oil at this time. I am currently looking for potential short opportunities in oil to capitalise on the ongoing sell-off. Quote Link to comment Share on other sites More sharing options...
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Lillian McKenna
Given the recent sell-off in oil prices, do you think oil will rally any time soon?
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