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Oil prices are trading bearish, as the sentiment shifts to the downside.

The rising number of coronavirus cases in the US once again dampens the outlook for demand.

As a result, oil prices slipped below the 38.83 floor that held up previously.

The breakdown below this level is, however, gradual. This could mean that price could once again creep back higher to continue with the sideways trend.

If the current bearish momentum continues, oil prices could be testing the 2nd October lows near 37.


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