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Crude Oil Holds Steady Despite Bleak Demand

Sep 16 2020, 08:17 PM (+06) | Orbex.com

wti crude oil

Oil prices are trading somewhat stronger despite the bleak assessment from the Paris based International Energy Association (IEA).

The IEA trimmed its demand for the outlook for 2020, but the report did not see much reaction from the oil markets.

Price action remains caught in the newly established range, within 38.26 and 36.46.

So far, there is no evidence that oil prices could move higher.

However, if there is any upside, then oil will need to struggle to breakout above the 38.83 level which could act as resistance.

To the downside, the declines are limited to the previous lows near 36.46 for the moment.

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