FX.co ★ Pay attention to oil at $50

Pay attention to oil at $50

Good afternoon, dear traders! I present to you the analysis of oil.

So, the decline of oil with $65 began with the news about the coronavirus:

The oil's decline to $65 began with the news about the coronavirus. The decline is impressive which is from $65 to $50. But it is noteworthy that right now oil is at a psychological level of $50, while the coronavirus fears are gradually subsiding, and the Libyan problems are also supporting falling oil.

Let me remind you that the Libyan National Army is blocking the country's oil infrastructure, which led to a reduction in production. On Sunday, negotiations began under the auspices of the UN in Cairo to resolve this conflict, but I doubt that agreements in this matter will develop quickly as Libya is not Switzerland, and they do not need "pathos formats".

Today, after the opening of the market, the Asians drew my attention as they completely redeemed the gap below $50 per barrel. At a minimum, this means that such a price clearly suits them:

In this situation, I would recommend carefully looking for long positions in the range of $ 50–52 per barrel.

Success in trading and control risks.