at 65 there is very important support given by the highs of March and May retested by the reversed head and shoulders of August
it all depends on how bad the information about lockdowns will be
Oil has already discounted the fear, new lockdowns would slow down the trade again, which is why it is going down
BUT...
if the restrictions are not as severe as we think and there is a bit of optimism, a quick recovery is possible, at least on 77 (from 65), I don't think much further quickly, as a possible recourse remains in doubt to the internal oil reserves of some countries.
it all depends on how bad the information about lockdowns will be
Oil has already discounted the fear, new lockdowns would slow down the trade again, which is why it is going down
BUT...
if the restrictions are not as severe as we think and there is a bit of optimism, a quick recovery is possible, at least on 77 (from 65), I don't think much further quickly, as a possible recourse remains in doubt to the internal oil reserves of some countries.