WTI oil price eventually broke below critical $20 support zone and dipped to new lowest since Oct 2001 at $18.02 in European trading on Friday.
Weak China’s GDP data, released overnight, signaled that the economy of the world’s second biggest oil consumer has slowed significantly during the lockdown, with country’s oil runs hitting 15-month low on virus crippled demand.
The sentiment weakened further, pushing the price lower after strong hesitation was seen at $20 zone during past couple of weeks.
Final close below $20 and former lows at $19.24/17 is needed to confirm break and open way for fresh extension lower, which could be significant as there are no obstacles on the way towards next key level at $10.
Res: 19.24, 20.00, 20.52, 20.86
Sup: 18.02, 16.91, 15.47, 13.14
