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FxWirePro: WTI Crude Oil plunges over 38% on the day, OPEC+ agreement fails to halt sell-off

US Oil chart - Trading View 

WTI Crude Oil prices plunged over 38% on the day to hit lowest since 1999.

Lockdowns imposed to curtail the spread of COVID-19 have crushed demand for the black gold.

The OPEC+ agreement only proved to be a temporary relief when WTI traded back above $20.

Implementation of the accord between Saudi Arabia, Russia, and others begins only in May.

Further cuts in output may be needed to hold prices from plummeting further. WTI Crude is likely to flirt with $10 levels.

Technical indicators point to further pain. Volatility is rising and momentum strongly bearish.

Oscillators are at oversold levels, but no major signs of reversal yet. Bears likely to target $10 levels. 
 

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