Oil drops to its lowest levels since 15 September
Oil isn’t spared from the souring risk mood today as it faces a more than 3% drop ahead of European trading, as sentiment soured following news of Trump testing positive for the coronavirus earlier.
Price has fallen from $38.30 to around $37.30 levels currently and is testing some near-term support around $37.37. If sellers can break below that, it will keep the bearish momentum going in search of the September low @ $36.13.
As OPEC+ members are seeing little need to intervene in the market lately, the resurgence in virus cases across the globe – exemplified by Trump also testing positive – isn’t an optimistic signal for the oil market outlook towards the year-end.