COVID-19: Oil prices may stop falling at $15-20 per barrel, Lukoil says

Lukoil considers it necessary to resume oil talks between Russia, Saudi Arabia

As the effects of COVID-19 are becoming more visible on economy, oil prices may stop the drop at the resistance level of $15-20 per barrel, Vice President of Lukoil Leonid Fedun said in an interview with RBC.

According to him, "We have done a technical analysis. Of course, like any technical analysis, these are subjective estimates.

But according to technical analysis, the first resistance level is now, we are seeing it - it is at $32 [per barrel], the ceiling is about $28 [per barrel], and the second resistance level is $15-20 [per barrel]," he said, answering a question about a possible continuation of a decline in oil prices.

Fedun, who is the Vice President of Russia’s oil major Lukoil, considers it necessary to resume talks between Russia and Saudi Arabia to stabilize the situation on the oil market.

"It is necessary to reach agreements again, though for doing that it is necessary to overcome the pessimism of those who crumbed the deal," he said in an interview aired by the RBC business news channel on Thursday.

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