Brent crude oil prices tumbled Monday to their lowest level in nearly 18 years and US crude fell briefly from the level of $ 20 a barrel with growing concerns that general isolation measures around the world to address the outbreak of the Corona virus had It continues for months and the demand for fuel will continue to decline.

Corona pandemic is expected to cause at least 20 percent decline in fuel demand around the world as governments take steps to restrict the spread of the virus.

technical outlook

Oil price traded with notable positivity yesterday, approaching the pivotal resistance 23.70. The outlook remains negative, trading below the mentioned resistance and below the 50 average, targeting 22.15 and extending to 20.80.

breaking level 20 and stability below it opens the way to target 16.70 levels

Medium term breakout at angle 540 and price 25.56 pushes oil to target 27.10 and 30.80 levels to retest angle 450.