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Video: Negative Oil Price Update – What Happens, Oil Storage is Full?

April 22, 2020 at 17:00 by Vladimir Vyun

In the present video, David Jones from Capital.com provides his forecast for crude oil. He starts the video by explaining the recent collapse of oil prices below $0. Next, David lists important support and resistance levels, though he admits that in the current extremely volatile environment they are of limited use. David then shows charts of the June contract for Brent crude as well as charts of a couple of oil companies stocks. Surprisingly, the stocks, while being under extreme pressure, managed to stage a bounce. In the end, David risks setting up a short position but says that in the current turbulent environment it is perfectly reasonable to sit on your hands and do nothing.

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