Looking at the oil charts at the moment, there is a number of different factors that are influencing oil: supply levels, issues regarding the coronavirus, the OPEC+ agreement, what’s going on in Libya with currently closed ports. These factors are important for oil and will determine the future path of oil.

In this video, Giles Coghlan, Chief Currency Analyst at HYCM, will outline these factors in more detail and look at the oil charts to see what factors are needed for the oil price to go up or down.

HYCM Lab is a financial analysis source that provides regular insights on how global news affects the markets including forex, commodities, stocks, indices, and cryptocurrencies*. Run by the HYCM team, it equips traders with everything needed to make informed trading decisions.