{"id":169078,"date":"2020-04-20T12:16:33","date_gmt":"2020-04-20T16:16:33","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=169078"},"modified":"2020-04-20T12:09:31","modified_gmt":"2020-04-20T16:09:31","slug":"oil-plunges-to-lowest-level-since-1998","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/04\/oil-plunges-to-lowest-level-since-1998\/","title":{"rendered":"Oil plunges to lowest level since 1998"},"content":{"rendered":"<div id=\"inves-484579799\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">April 20, 2020<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Lukman Otunuga, Research Analyst, <a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/strong><\/p>\n<div class=\"article-body\">\n<div class=\"field-body\">\n<div class=\"field-items\">\n<div class=\"field-item even\">\n<p>A darker mood awaits Oil markets after WTI Crude collapsed to its lowest level\u00a0since December 1998 below $11.<\/p>\n<p>Over the past few months, the story defining Oil\u2019s painful depreciation revolved around the coronavirus chaos, demand destruction and oversupply concerns. Rising fears over fuel storage facilities being overwhelmed by the excessive supply are compounding to Oil\u2019s woes and offered investors another reason to attack the already battered commodity. With economic growth in the world\u2019s largest energy consumer decelerating, the grim outlook for Oil is growing grimmer by the day. At this point in time, it is difficult to pinpoint a possible floor for WTI Crude and this continues to be reflected in the bearish price action.<\/p>\n<p>WTI Crude has depreciated 7% today and more than 80% since the start of 2020. Prices are heavily bearish on the daily timeframe with the technical and fundamentals well aligned. Sustained weakness below $15 could open the doors towards $10 and potentially lower.<\/p>\n<p>Alternatively,\u00a0 a breakout above $15 may trigger a technical rebound back towards $29\u00a0before bears re-enter the scene.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/www.forextime.com\/images\/maa\/oil_3_0.png\" alt=\"\" \/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p><em><strong>Disclaimer: <\/strong>The content in this article comprises personal opinions and should not be construed as containing personal and\/or other investment advice and\/or an offer of and\/or solicitation for any transactions in financial instruments and\/or a guarantee and\/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.<\/em><\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-54242 alignleft\" src=\"https:\/\/www.countingpips.com\/articles-analysis\/wp-content\/uploads\/2014\/07\/Forex-Time-Logo.png\" alt=\"Forex-Time-Logo\" width=\"262\" height=\"90\" \/><strong>Article by <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/span><\/strong><\/p>\n<p><strong>ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 <a href=\"http:\/\/www.forextime.com\" target=\"_blank\" rel=\"noopener noreferrer\">www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Lukman Otunuga, Research Analyst, ForexTime A darker mood awaits Oil markets after WTI Crude collapsed to its lowest level\u00a0since December 1998 below $11. Over the past few months, the story defining Oil\u2019s painful depreciation revolved around the coronavirus chaos, demand destruction and oversupply concerns. Rising fears over fuel storage facilities being overwhelmed by the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-169078","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/169078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=169078"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/169078\/revisions"}],"predecessor-version":[{"id":169086,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/169078\/revisions\/169086"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=169078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=169078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=169078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}