WTI trades over 5% lower as fears mount over more restrictions. The triangle formation has broken to the downside. WTI 4-hour chart Both Brent and WTI have fallen heavily on Tuesday as fears grow that global COVID-19 restrictions could hit demand again. This comes despite the OPEC+ group announcing an extension to their output cuts to December. Elsewhere there was news from Kuwait as their Sheikh Sabah has died. He was responsible for much of the peace between Kuwait and Saudi Arabia and his successor will be Crown Prince Sheikh Nawaf al-Ahmad al-Sabah, his brother. Looking at the chart, the move lower is breaking levels galore. The red trendline has been taken out and the support at USD 39 per barrel has also been broken. Below the current price level, the market could find support at USD 38.20 per barrel as it had been sticky in the past but a stronger zone is down at USD 37.60 per barrel. The indicators are looking extremely bearish as expected. The MACD histogram is in the red and the signal lines are under zero. The Relative Strength Index indicator is also very depressed in an oversold area. It seemed like the price was stabilising at USD 40 per barrel but this move lower looks strong. The main wave low is at USD 36.40 and a break beyond that zone could lead oil into the abyss. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY: Japanese yen firmer to end 2020 – CIBC FX Street 2 years WTI trades over 5% lower as fears mount over more restrictions. The triangle formation has broken to the downside. WTI 4-hour chart Both Brent and WTI have fallen heavily on Tuesday as fears grow that global COVID-19 restrictions could hit demand again. This comes despite the OPEC+ group announcing an extension to their output cuts to December. Elsewhere there was news from Kuwait as their Sheikh Sabah has died. He was responsible for much of the peace between Kuwait and Saudi Arabia and his successor will be Crown Prince Sheikh Nawaf al-Ahmad al-Sabah, his brother. Looking at the chart, the move… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.