Light crude oil finds support

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The reveal of the new coronavirus variant caused a sharp drop of the price for crude oil. The drop occurred, as the new variant indicates that lock-down measures could return worldwide. In the case of a lock-down, the demand for the commodity would drop. Due to that reason, the price plummeted.

On Monday, the price found support in the September low level zone at $67.00. From this level, the price began a recovery, which could find resistance in October high levels.

On the other hand, take into account that a passing below the September low could result in a further decline to the August low level at 61.70.

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