The selling interest in the US oil (WTI futures on Nymex) remains unabated on this Black Monday, as the rates briefly dip below the 28 handle, in a sell-off that gathered pace on a breach of $30 mark - the psychological level.

The black gold hit the weakest levels since February 2016 at $27.90 before jumping back above the $28 mark. Despite the quick pullback, the bearish bias remains intact, in light of the price war started by Saudi Arabia after Friday’s OPEC+ deal fallout.

Saudi Arabia slashed its export oil prices over the weekend. The Saudi decision to cut prices by nearly 10% was announced on Saturday. The cut heightening the panic across the global markets, already roiled by the coronavirus outbreak.

WTI Technical levels to watch