Oil Price Analysis: WTI explodes to the upside, trades near $28.00 a barrel on Saudi-Russian deal

The barrel of oil is adding up about 20% from the 2020 lows ad President Trump tells CNBC that he spoke to President Putin yesterday and Saudi Crown Prince tod  |  02/04/2020 15:51
  • Oil jumps as Trump reports a Saudi-Russian deal. 
  • The level to beat for bulls is the 28.00 resistance
 
The barrel of oil is adding up about 20% from the 2020 lows ad President Trump tells CNBC that he spoke to President Putin yesterday and Saudi Crown Prince today and expects them to announce an oil production cut of 10 million barrels and could be up to 15 million. The market needs to overcome the 28 resistance and the 100 SMA in order to trade higher towards the 32.50 and 35.00 levels. Support could be seen near 24.30 and 22.00 price levels.
 

Additional key levels

 

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