12.06.2020
Oil prices fell by 7% on Thursday, after the EIA reported on Wednesday record U.S. commercial crude oil inventories while the Fed said the U.S economy would shrink by 6.5 percent this year.
From a Technical prospective we see a further decline in the works, as a key support level has been broken to the down, indicating a continuation of the fall towards the level of $28 per barrel.
The Support and resistance levels on the 4Hour chart currently are:
Support: $40.45
Resistance: $28.00
