Crude has moved above all resistance levels and from here it might fly towards 2200/2300/2500. Conditionally it doesn't close below 24 USD tonight. At this level there is a great fear. It's not a technical bounce but a hype on the basis of news of Russia Saudi pact. Which I don't see could work.
It's only us and us companies that can't survive below 30 dollars but Russia and Saudi can do so.
The break even for us shale is 26 dollars and they are very soon likely to go bankrupt but other side is that Russians are head strong and backstebbers for that matter.
And apparently crude demand is extremely low and world is struggling with covid.
Such rise can't stay for long and at least in the short term it's an opprtunity to sell. I guess at current level bears will grip again. Let's see what happens.
Small traders kindy stay away. You will loose your money in this game.